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Tired of volatile rents? Why not invest in a property that you can comfortably call your own? Reasonably priced housing projects aimed at budget-conscious residents have been rising in the UAE of late.
The Dubai Municipality has allocated hectares of land to address the need for affordable housing in the emirate. The plots are located in Al Quoz 3 and 4, and Muhaisnah 4. These will target individuals with a monthly salary of Dh3,000 to Dh10,000. In other parts of the emirate, real estate developers are launching new projects in the affordable housing segment.
The Royal Estates at the Dubai Investments Park (DIP) offers apartments in different sizes. Studio units are priced at less than Dh300,000 while one-bedroom apartments are tagged at less than Dh600,000. The spectacular Binghatti Apartments at Dubai Silicon Oasis offers different housing options starting at Dh425,000. The Safi Apartments in Town Square is valued at less than Dh350,000, while a studio at Dubai Sports City starts at Dh449,000. The new Pacific Village project in Dubailand, the Green Community in DIP, Al Furjan, Villa Lantana and Mirdif Hills offer reasonably priced family-oriented villas, townhouses and apartments for locals and expats.
In the rapidly improving Khalifa City B in Abu Dhabi, over 93,000 square metres of land have been allocated for affordable housing for Emiratis. Khalifa City also has cheap homes for rent to expatriates. There will also be low cost houses in Al Manaief City in the western region. Properties in Al Reef, Watani and Ghayathi Housing Project are famous options for locals. Meanwhile, the Al Meera project on Reem Island targets those with a Dh20,000 to Dh30,000 monthly salary.
Sharjah is another destination for affordable accommodation. It opened house ownership in Tilal City to Gulf and Arab nationals, and 100% leasehold to expats.
With existing and currently under-construction affordable housing projects all over the UAE, investors and end-users are given enough options to choose from. Similar projects are expected to be built as the demand increases.
• Dubai is offering residents a wide range of affordable housing options
• Dubai Municipality has allotted land targeting budget-conscious individuals
• Khalifa City and Reem Island are two areas that offer cheap housing options
Source: Alfred Ocianas, Special to properties
The writer is a freelancer