Arab Today, arab today gulf developers lower gaze to affordable homes
Last Updated : GMT 03:01:48
Arab Today, arab today
Arab Today, arab today

Gulf developers lower gaze to affordable homes

Arab Today, arab today

Arab Today, arab today Gulf developers lower gaze to affordable homes

Riyadh - Arabstoday

Burned by grand and audacious real estate projects, which became financial burdens when market bubbles burst three years ago, property developers in the Gulf are putting more emphasis on mundane but affordable housing. Their motives are mainly economic, but they are being encouraged by governments, which are trying to improve mass living standards after this year\'s political unrest in the region. A chronic lack of affordable, quality housing for growing populations was one factor behind the unrest.\"Post-Arab Spring, countries like Saudi and Bahrain have realised that affordable housing is an issue,\" said Deepak Jain, head of strategic consulting for the Middle East and North Africa at real estate services firm Jones Lang LaSalle.\"The focus now is on building as per occupier demand, a concept that is relatively new in the region.\" Saudi Arabia has promised to spend about $130bn, or around 30 percent of its annual economic output, on social projects such as building new houses and creating jobs over an unspecified period. Earlier this year, King Abdullah pledged SR250bn ($67bn) to be spent on 500,000 new homes.Bahrain is pushing to fill a longstanding shortage of about 50,000 affordable homes, hoping this will also mitigate some of the discontent behind the unrest that hit the tiny island state in February and March. By launching big housing projects and awarding the contracts to developers, governments in the Gulf can influence the types of homes being built and the pricing. In April, for example, 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\".Many property developers in the region are partly owned by the government or, in the case of the United Arab Emirates, were bailed out by the state after the market soured and they ran into debt two or three years ago. Aldar Properties, the biggest developer in Abu Dhabi, was given a $5.2 billion bailout by the state-owned Mubadala fund.Even without the encouragement of governments, developers in the Gulf see good reasons to build more modest homes. In Dubai, home to the world\'s tallest tower and luxurious waterfront villas on a man-made, palm-shaped island created by developer Nakheel , companies are grappling with leftover inventory from a building boom that ran until 2008 and left many grand properties on the market that owners are desperate to sell or rent. That has encouraged developers to shift focus from villas and tall towers to mid-income housing. \"In the UAE, most interest has been driven by speculator demand. The speculator market represented more than half the real estate market. They all have left now,\" said Jain. An average two-bedroom apartment now costs over AED1m ($272,0000) in a middle-class neighbourhood of Dubai, after prices plunged over 50 percent. An apartment of similar size would cost well over $400,000 in London.Aldar Properties, builder of Abu Dhabi\'s Formula One race track and related development on Yas Island which includes a marina and yacht club, has said its focus is now mid-income housing.

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 gulf developers lower gaze to affordable homes Arab Today, arab today gulf developers lower gaze to affordable homes

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Leader Omar Abdel Rahman dies in US prison

GMT 19:00 2017 Sunday ,19 February

Leader Omar Abdel Rahman dies in US prison
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
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