Affordable housing is a fundamental urban issue faced by most of the global cities and the quantity and quality of this residential strata greatly shapes a city’s growth, scalability and sustainability. Inthe context of Dubai, where the luxury and ultra-luxury segment have been the key focus since the opening of the freehold real estate market in 2002, the Emirate is finally taking steps which could address this ever growing gap in affordable housing.
Despite this paradigm shift of public and private players in the last couple of years, the term ‘affordable housing’ is rather loosely used. The current new supply is catering largely to the middle income segment and affordable living is yet out of reach for the lower income members of society thus pushing occupiers to rent at penalizing high yields instead of transitioning to own.
Source : Core Savills