emirates developer in talks for affordable housing schemes
News Posted On: 23 November 2011
Emirates based Emaar Properties, the developer responsible for the world’s tallest building, is currently in talks with several emirates for plans to develop affordable housing schemes. Initial plans are centred on Dubai.
The chairman of Emaar thinks the market could benefit from more affordable housing, which, priced at around $136,000, would be accessible to those on relatively low incomes. Emaar announced its intention to concentrate on affordable housing last month, as the region has a chronic shortage of affordable homes.
The developer has already launched a division to build affordable property across North Africa and the Middle East, and it could prove to be very lucrative.
Although affordable homes are needed in Egypt, Kuwait and Saudi Arabia, and across the whole of the UAE, the concept does vary according to the country. In the wealthy Gulf States low income is higher than in poorer states such as Egypt.
Jones Lang LaSalle estimated that the Middle East and North Africa have an affordable housing shortage of 3.5 million homes, with nearly half of these being in Egypt. The second highest shortfall is in Iraq, followed by Morocco.
In spite of being the wealthiest Gulf state, Saudi Arabia has the greatest need for middle income housing, and has already pledged to spend $130 billion on social projects including new homes and jobs.
Egypt and Bahrain are also anxious to reduce the shortfall, especially in the wake of the Arab Spring which saw many citizens protesting about the lack of homes.
View UAE Property for sale
Written by Les Calvert
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