For well over a decade now, Dubai has been synonymous with luxury villas, upmarket apartments and property prices comparable to the most expensive cities in Europe, Asia and North America - a playground, essentially, for the conspicuously wealthy and the unapologetically aspirational.
But now, the emirate is embracing the concept of affordable housing.
Statistics show that the shift is already well underway. According to the Affordable Housing Institute, 82 percent of transactions in 2017 were below AED2m, and almost half – 47 percent – were below AED1 million.
The overwhelming majority of transactions – 85 percent – were for apartments, a clear choice for budget conscious residents and market-savvy investors.
The affordable housing sector, experts say, was given a significant boost in March 2017 by the approval of a low-income housing policy.
In its December 2017 Dubai Property Market Outlook report, international real estate consultancy Cluttons noted that the move will help Dubai avoid many of the mistakes made by other cities around the world, particularly by helping curtail the emergence of poorly connected low-income neighborhoods that are segregated from the rest of the city.
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(Source: Arabianbusiness.com YouTube channel)