Arab Today, arab today emaar sees niche for lowcost housing in dubai
Last Updated : GMT 01:47:29
Arab Today, arab today
Arab Today, arab today

Emaar sees niche for low-cost housing in Dubai

Arab Today, arab today

Arab Today, arab today Emaar sees niche for low-cost housing in Dubai

Dubai - Arabstoday

Emaar Properties, developer of the world’s tallest building, is in talks with several UAE emirates to roll out affordable housing schemes and plans to concentrate on Dubai first, its chairman said. Despite a housing market that is widely seen as being oversupplied, Mohamed Alabbar said Dubai still has room for properties at a price point of around AED500,000 (about $136,000). “We\'re talking to a few emirates. I\'m going to focus on Dubai to start with,” he said on the sidelines of the Arabian Business Achievement Awards on Sunday night. “We are talking about [property] of maybe AED550,000 for someone with an income level of around AED12,000 a month. Emaar in October said it was switching its focus to affordable housing in a bid to capitalise on government housing schemes aimed at addressing the region\'s chronic housing shortfall. The Dubai-listed developer launched a division to build value housing across the Middle East and North Africa, opening up a potentially lucrative new revenue stream. “Value housing in the UAE is needed, value housing in Saudi Arabia is needed, Kuwait [but] more in Egypt. But value housing in the UAE is a completely different concept,” said Alabbar. The cost range for properties in the wealthy Gulf state will be higher than those in comparatively poorer Arab states such as Egypt, he said. “Value housing in the UAE is a market… will be between AED400,000 up to AED1m. You have to create another category [for value housing here].” Dubai was hit hard by the global economic downturn, which saw house prices fall decline over 60 percent from their 2008-peaks. In the wake of the economic crisis, many regional developers have latched on to midmarket housing in a bid to fill the gap left by the collapse of the emirate’s housing bubble. The Middle East and North Africa has an estimated affordable housing shortfall of 3.5 million with nearly half in Egypt, Jones Lang LaSalle said in September. High land prices coupled with the cost of infrastructure, limited home finance to low-income households and poor financial returns have all contributed to the region\'s severe shortfall in midmarket housing, the consultancy said. Iraq has the second largest shortfall of affordable housing (1 million) in the region followed by Morocco (600,000), said JLS. Saudi Arabia, the wealthiest Gulf state, has the greatest need in the Gulf compared to 40,000 homes in Bahrain, 20,000 in the UAE and 15,000 in Oman. Several Gulf states have pledged to ramp up spending on housing in the wake of the Arab Spring revolutions, in a bid to secure quality housing for their growing populations. Saudi Arabia has promised to spend $130bn on social projects such as building new houses and creating jobs, while King Abdullah in March pledged to spend $67bn on 500,000 new homes. Bahrain and Egypt are also pushing to meet the shortfall following widespread unrest in the Gulf Arab state and an uprising that topped former Egyptian president Hosni Mubarak in March. In April, Abu Dhabi awarded a AED21bn ($5.7bn) contract to state-linked firms to build housing for the local population. It has said it wants to provide \"adequate and modern housing\" for citizens \"to help achieve social stability\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today emaar sees niche for lowcost housing in dubai Arab Today, arab today emaar sees niche for lowcost housing in dubai

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday