Friday, October 31, 2014

Emaar unit to launch an affordable housing project in the UAE soon

An Emaar unit has announced launch of an affordable housing project in the UAE.
Dawahi Development is presently holding an internal discussion on the launch of the project, and they will be announcing something soon, said Mohammed Alabbar, Chairman, Emaar Properties.
The Emaar unit is responsible for taking care of middle income market, he said.
Emaar Properties had announced the launch of its new wholly-owned subsidiary, Dawahi Development, a next-generation developer of ‘value housing’ project in October 2011.
Dawahi Development will develop value homes at an attractive price in major emerging markets across the MENA region, and will create employment and business opportunities for the local population, the developer said.
Early this month a report from Strategy said that GCC countries may face a shortage of more than one million homes by 2018, and with the growing population, the issue of affordable homes are worsening, as there are few homes being built.
From 2000 to 2013, total population in the GCC grew by 67 percent or more from 29.4 million to more than 49 million and continues to grow 2 to 3 percent each year, said Samer Bohsali, Partner with Strategy, in their report.
The young demographic structure in the region is generating a demand which could lead to a shortage of more than one million units by 2018, he said.
Back in 2012 September, JLL, a leading property consultancy, said that MENA is in need of 3.5 million affordable houses. Dubai developers have been targeting the high-end market and are not focused on launching development for lower or mid-income market.

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