A new affordable housing scheme has been announced by the government in an attempt to offset the rising living costs for low and middle-income earners in Abu Dhabi.
Just over 93,000 square metres of land in Khalifa City B has been donated by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi to real estate developer Al Rayan, to build an affordable housing community which will reduce financial pressure on a huge percentage of the workforce.
A recent survey conducted by the Department of Planning and Economy showed that low and middle-income workers are currently spending on average about half of their income on housing. A separate study conducted by Al Rayan found that 350,000 people in this income bracket needed more affordable housing.
The aim of the project is to build a community which will not be sold on - thus not allowing a secondary market mark-up - and where rents can be controlled by the government. Those eligible for this housing would include workers whose salaries fall within the Dh4,000 to Dh10,000 a month range. Rent paid will depend on the salary of the tenant, with those who earn more paying more. While the rents are expected to be considerably lower than current prices, adjustments will be made over time to match operating costs.
Currently, the final stages are being decided with the Urban Planning Council and a concept plan is in the development phase. This will include provision for all services that accompany the housing in a bid to create a community village which will be suitable for families.
Fardan Al Fardan, the chairman of the board of Al Rayan said that while "the market has changed dramatically over the last few years and no one could have predicted this kind of escalation", the affordable housing scheme would make a huge difference to the housing shortage in Abu Dhabi. Work is expected to begin towards the end of the current year.
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4 comments:
Interesting it is! Abu Dhabi Apartments really makes a noise nowadays.
Abu Dhabi is a new rapidly growing market which has grabbed every ones attention.
There are several apartments available on sale or rent in Dubai.
hey friends! as Abu Dhabi real estate is a growing sector as it is difficult to find Apartment in Abu Dhabi. lots of online portal is there to help us but choosing a rite one in your budget is more important.
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