An associate company of Emaar Properties , Dubai's largest real estate developer, will soon launch an affordable housing project in the UAE, the company chairman told Emirates 24|7. "There is an internal discussion on Dawahi Development.'
In October 2011, Emaar Properties had announced the launch of its new wholly-owned subsidiary, Dawahi Development, a next-generation developer of 'value housing' projects within full-service community developments.
Dawahi Development will develop value homes at attractive price points in key emerging markets across the Middle East & North Africa (Mena), while also creating employment and business opportunities for the local population, the developer had said.
Earlier this month, Strategy& (formerly Booz & Company) said Gulf Cooperation Council (GCC) countries may face a shortage of more than one million homes by 2018 with the issue worsening as population grows and affordable homes being built decline. "The relatively young demographic structure of the region is creating a surge in demand that could lead to a shortage in excess of one million units by 2018," he added.
Back in September 2012, JLL, a global property consultancy, said the Mena did require 3.5 million "affordable" houses. Dubai developers have been targeting the high end market and not focusing on launching development for the lower or middle income market.
Source: Gulf News
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