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Plans to build affordable housing 'long overdue'

25.05.2015
Plans to build affordable housing 'long overdue'
The plan to make it mandatory for developers to build affordable housing for low-income tenants in Dubai will not only benefit the residents,  but the local economy as well,

The plan to make it mandatory for developers to build affordable housing for low-income tenants in Dubai will not only benefit the residents, but the local economy as well, industry analysts have said.

According to property consultants, the introduction of housing options for families earning below AED15,000 a month will bring a “wide range of benefits” to Dubai and lead to an increase in investor interest.

Middle-income earners account for a huge proportion of the population in Dubai, more than 40%, and they are likely going to be the key driver for the affordable housing market in the emirate, Gulf News reported.

“The introduction of this asset class in Dubai is likely to bring a surge in institutional investor interest, especially if the affordable quotas are reasonably high, say in the region of 20% to 30% of the total number of units being built," said Cluttons in its Spring 2015 Residential Market Outlook.

“The creation of this new residential investment class should then pave the way for partnerships between local developers and large multinational finds, effectively catapulting the emirate's real estate market to the next stage of its evolution.”

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Lease process (Rent out)
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1 hour

Contract of the lessee and agency.

Required documents:

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1 day

Ad placement:
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1 hour

Contract of the lessee and agency.
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Up to 5 days

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Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

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1 hour

Contract of the tenant and agency.
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~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

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Registration of the contract of purchase / sale
Customer charges:
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  • 4% - registration of the transaction at registration
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Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
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1 hour

Contract of the owner and agency
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1 year

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Expenses of the investor:
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