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Getting Affordable Housing Bygone in Dubai

Well known UAE-based real estate developers have revealed its business mantra which revolves mostly around delivering high-ended residential units and apartments to the buyers looking for ultimate luxuries. A new trend is coming into the picture of the Emirates’ real estate market which makes aware about affordable living units.

Recently, Dubai is leading in this area. Dubai’s real estate developers can be seen going after the idea of “getting affordable” the results of the move can be shown in new residential development started across the emirates.

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Picture Courtesy: www.thenational.ae

Dubai residents are figuring out new ways to cut down on their rental outgo, because of slight up and downs in the job market. Expat workers in Dubai are taking certain measures for stable remittances and are reducing on rental costs. It has become an obvious & understood way to deal with the issue. Though, several new launches by known and established developers do not only promise low rents, but it may actually allow a chance to tenants to become homeowners.

Flight to affordability

The signs seen in Dubai’s real estate market reveal that a large number of residents are either moving towards affordable areas of the emirate or are entirely moving to a new emirate seeking affordable residential. Most of them, unable to take the decision of migrating to another emirate are leaving behind their large & high-end units for affordable residences. Because of this trend, there has been a rise in vacancy rates for super luxury units, thereby leading to a marked increase in rents for mid-market affordable units that are available in desirable buildings.

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Picture Courtesy: www.propsearch.ae

This has also led to a problem. Mid-market housing units’ high demand is not being properly balanced out by a supply mechanism. Acting instantly to fulfill this demand, Dubai has managed to add 2,000 new mid-market apartments which involve Siraj Tower at Arjan (Dubailand) and 400 units in Dubai Silicon Oasis. Other developments include mid-range Ajmal Sarah Tower and Dubai Sports City, together with Canal Residence West.

Bright side for Owners

Most mid-level units in Dubai are undergoing softening of prices in the past 1 year. In certain most sought-after locations like Discovery Gardens, Bur Dubai, Jumeirah Village, and Al Ghusais, landlords are asking for a rise in rental because of contract renewal. For the relief of middle-income residents, these properties have not entirely left the affordability bracket, even after this.

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Picture Courtesy: www.thenational.ae

Demand for affordable housing units in Dubai will probably continue to be strong. The current shift of Dubai’s real estate sector towards affordability is the good news & it is not only proving beneficial for landlords but is also good news for the tenants.

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