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04.11.2014
Almost 50% of households in Dubai earn between AED9,000 to AED15,000 per month and can only afford rents ranging from AED32,500 to AED54,000 per annum, a new study says. Developers in the region are missing out on a market opportunity as they fail to capitalise on the sizeable affordable housing market in Dubai, a new study has found.
According to the latest report from research firm Colliers International, almost 50% of the households in Dubai earn between AED9,000 to AED15,000 per month and can only afford rents ranging from AED32,500 to AED54,000 per annum.
“When we talk about affordable housing in Dubai we are not referring to low-income housing, but rather housing that is affordable for a household in relation to its income,” said Ian Albert, regional director at Colliers International.
“What this means in the Dubai market is mid-market properties that are suitable for young working families or professionals.”
“This is not only a missed opportunity for Dubai developers who should be looking to capture this sizeable market by creating affordable communities that cater to its needs, but it also directly affects the economy as productivity levels are lowered when a large percentage of the workforce suffers from a long commute.”
According to the latest report from research firm Colliers International, almost 50% of the households in Dubai earn between AED9,000 to AED15,000 per month and can only afford rents ranging from AED32,500 to AED54,000 per annum.
“When we talk about affordable housing in Dubai we are not referring to low-income housing, but rather housing that is affordable for a household in relation to its income,” said Ian Albert, regional director at Colliers International.
“What this means in the Dubai market is mid-market properties that are suitable for young working families or professionals.”
“This is not only a missed opportunity for Dubai developers who should be looking to capture this sizeable market by creating affordable communities that cater to its needs, but it also directly affects the economy as productivity levels are lowered when a large percentage of the workforce suffers from a long commute.”
