Focus now on affordable housing

01.12.2014
Getting 100,000 people a year, Dubai probably needs at least 50,000 new dwellings a year and these are the ones that are now geared towards the affordable housing segment, says one expert. The Dubai property market is increasingly leaning towards affordable accommodations, an expert at Ggico Properties recently highlighted.
Speaking in an exclusive interview with Khaleej Times, Andrew Chambers, CEO of Ggico Properties, said: “The market today is leaning more towards affordable housing because that is where the greatest demand is. Dubai is getting an estimated 100,000 people a year, and it is probably looking at a growth rate of about five per cent. Now that is fantastic anywhere in the world for a city the size of Dubai. If you are getting 100,000 people a year, you probably need at least 50,000 new dwellings a year; and these are the ones that are now geared towards the affordable housing segment."
Chambers said that he believed that the property market in the UAE has become a lot more “organic and demand driven”.
Asked if there was a bubble in the property market, he answered with a resounding no.
“What we are witnessing now is a boom that is not going to bust,” he said.

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