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affordable-housing-in-dubai-expatmoves

Affordable Housing – Harbor Real Estate

The call for affordable housing

Dubai developers had traditionally focused on projects catering to the upper income segments of society, with developments like Jumeirah islands, Emirates Hills and Palm Jumeirah as prime examples. This was the popular trend during the boom-time years leading up to the property market crash of 2008, with only a handful of projects like Dubai International City and Discovery Gardens in the picture which addressed the dire need for affordable housing.

In many cases, developers have misread the future segmentation of the Dubai real estate market.  Past performance or occurrences may not be a true indicator of future events; however, learning from the past can eliminate the repetition of mistakes.

Unfortunately, many developers have looked at property concepts and specifications that were historical successes, but failed to address the fundamental question of what will be needed in the future. As a result, the market in Dubai became somewhat “top-heavy” with offerings which only the upper middle class and wealthy could realistically afford. The results were predictable and, in many cases, people decided to reside in the more affordable emirates of Sharjah or Ajman.

As the economy of Dubai develops and grows, it will experience many changes in the various components that help make it function. One of these changes will be the composition of the population that provides the intellectual capital, expertise and manpower that, without which, the economy would stagnate or regress.

A natural occurrence within any economy that is growing rapidly and is formally recognized as maturing and transitioning from being a “frontier” to “emerging” market as Dubai did in 2013, is that its middle and lower middle income segments will expand to support the rapid rise in commercial activities and economic initiatives being instigated by entrepreneurs and corporate or government entities. This expansion is unavoidable if the economy is to grow. Some astute developers identified future opportunities to provide housing for this burgeoning segment while others chose to rely on old formulae.

A case in point, the World Expo is predicted by independent analysts to create over 270,000 jobs. The vast majority of these jobs will not be for people occupying senior executive positions. They will be for people in middle management or lower level positions, many of whom will have families and will naturally seek affordable accommodation.

The more astute developers have now awakened to the need and opportunities that affordable housing provides. Many have learnt that it is pointless building mansions if there is no one to occupy them.

They just become monuments.

Summary
Article Name
Affordable Housing scheme in Dubai by Harbor Real Estate
Description
Developers have misread the future segmentation of the Dubai real estate market. Past performance or occurrences may not a true indicator of future events.

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