Affordable housing rent in Dubai? Yes, please…
This past week, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, gave the green light to a new project aimed at affordable housing.
As part of the Dubai 2040 Urban Master Plan and under the Affordable Housing policy, Sheikh Hamdan has allocated 1.46 million square meters of land across six different areas for the development of up to 17,080 affordable housing units for rent in Dubai.
The aim of introducing these housing units is to welcome residents of all income groups, and make Dubai a city for everyone to live in. A range of housing options will allow for more diversity in terms of what is available for the residents.
This initiative, aimed at skilled professionals in Dubai, seeks to develop diverse communities with affordable rental rates. It’s designed to support economic growth, create job opportunities, and improve access to quality housing and essential services for residents across all income levels.
Economically affordable, these units will still maintain the signature Dubai standard of living, featuring high-quality spaces that are carefully designed, along with access to key infrastructure and essential services. The first phase will focus on developing six sites in Al Mueisim 1, Al Twar 1, Al Qusais Industrial 5, and Al Leyan 1.
The project will be supervised by the Supreme Committee for Urban Planning and carried out by key entities including the Dubai Land Department, Dubai Municipality, Roads and Transport Authority, General Directorate for Identity and Foreigners Affairs – Dubai, Dubai Civil Defence, and Dubai Real Estate Corporation.
Why do we need this?
Rents in Dubai have been on the rise recently, with the third quarter of 2024 marking the 15th consecutive quarter of increases, up by 18% year-on-year. Apartment rents saw a 19% annual hike, while villa rents grew by 13%, according to the research.
Dubai’s population has been steadily growing, and with demand for rentals and property purchases on the rise, ensuring stability in the property market is crucial. This will help protect both tenants and landlords, while also boosting consumer confidence in the market.
