{"id":3448,"date":"2016-02-03T00:28:26","date_gmt":"2016-02-02T17:28:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=3448"},"modified":"2016-02-02T21:49:42","modified_gmt":"2016-02-02T14:49:42","slug":"affordable-dubai-homes-will-keep-residents-in-uae-for-longer-says-expert","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-dubai-homes-will-keep-residents-in-uae-for-longer-says-expert\/","title":{"rendered":"Affordable Dubai homes will keep residents in UAE for longer, says expert"},"content":{"rendered":"


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\nNew homes aimed at the affordable end of Dubai’s property market are widening the pool of potential buyers, making it “a good time to invest” despite falling prices, according to one expert.Speaking at the launch for this year’s International Property Show, Land Sterling’s managing partner Abdul Basset Betraoui said that affordable housing “is something that we’ve seen really kick off” over the past 12 to 18 months, with schemes from the likes of Danube Properties and Nshama attracting attention with low-entry price points.
\n“The affordable market has its own clientele,” he said. “Suddenly, in the last year-and-a-half, you’ve got 50 per cent of people working here who are able to buy, whereas prior to that, you’d find only 5 to 10 per cent.He said that properties priced at under Dh1.5 million become affordable for many residents living in the UAE, which could lead to many of them laying down deeper roots.”When you have Filipinos, Indians and working-class Arabs who are on salaries of Dh10,000 to Dh15,000 with an opportunity to buy a property here, you’ve just ensured they stay here for another 15 to 20 years, whereas previously money that would have gone back to their countries and they would have planned a different future.”
\nRecent research by property analysts in Dubai have typically shown double-digit declines in the value of Dubai residential properties in 2015, but there is less consensus over the direction in which the market is heading. Phidar Advisory is forecasting a further 20 per cent drop in prices over the next two years, and JLL is predicting a fall in prices of 5 to 10 per cent by the end of this year. Deloitte’s real estate advisory arm also predicted a fall, but the data providers Reidin and ValuStrat have both argued that the market has shown signs of bottoming out in recent months.
\nMr Betraoui’s own firm’s research for the fourth quarter of last year indicated a 4.8 per cent decline in apartment prices and an 11 per cent fall in villa prices last year.Despite this, he said a dip of 4 per cent or so over the next 12 months will not make a great difference to someone buying an affordable apartment for about Dh430,000.”Dubai is providing a platform for the working class to be more stable. We’ve seen Danube sell out not once, but several times. [Ritz by Danube] is their fourth project that has sold out within a week. These guys have found their niche in the market and are catering to their requirements.”
\nDanube Properties said that Ritz by Danube, which was launched at the end of December, had not quite sold out yet, but 85 per cent of the 450-unit, Dh300 million project in the Al Furjan district had been bought.The chairman Rizwan Sajan said: “Our experience over the last one-and-a-half years of project launches has strengthened our conviction that if you have the right project at the right location and offer them to customers at a convenient payment plan, you can’t go wrong – despite market conditions.”
\nThis year’s International Property Show takes place from April 11 through 13 at Dubai International Convention and Exhibition Centre.mfahy@thenational.ae
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\nSource : thenational.ae
\nRead more…Affordable Dubai homes will keep residents in UAE for longer, says expert<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New homes aimed at the affordable end of Dubai’s property market are widening the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-3448","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-TC","jetpack-related-posts":[{"id":147134,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-shared-ownership-homes-cost-residents-more-than-half-their-wages\/","url_meta":{"origin":3448,"position":0},"title":"\u2018Affordable\u2019 shared-ownership homes cost residents more than half their wages","date":"September 22, 2024","format":false,"excerpt":"\r Many people now feel trapped despite major provider\u2019s guidance that mortgage, rent and service charges should not exceed 40% of take-home payResidents who bought shared-ownership properties promoted as \u201caffordable homes\u201d say they now feel trapped because they have to spend more than half of their net salaries on mortgage\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86627,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/legal-general-aims-to-offer-3000-affordable-homes-a-year\/","url_meta":{"origin":3448,"position":1},"title":"Legal & General aims to offer 3,000 affordable homes a year","date":"April 27, 2018","format":false,"excerpt":"\r Insurer says it will build and buy properties to address \u2018chronic shortfall\u2019 of affordable homesUK insurer Legal & General is launching an affordable housing business with the aim of delivering 3,000 new homes a year within four years.L&G said it was in the process of recruiting a management team\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57016,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-sales-confirm-rarity-of-auckland-affordable-homes\/","url_meta":{"origin":3448,"position":2},"title":"Property sales confirm rarity of Auckland affordable homes","date":"June 6, 2017","format":false,"excerpt":"\r Sales data from a top Auckland real estate agency has offered yet more evidence that the city's affordable homes are fast becoming little more than a historic relic. Barfoot and Thompson sold a total of 886 properties in May - of...\r \r Source : nzherald.co.nz\/Property\r Read more...Property sales confirm\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":402,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/danube-properties-launches-affordable-homes-project-in-dubai\/","url_meta":{"origin":3448,"position":3},"title":"Danube Properties launches affordable homes project in Dubai","date":"December 28, 2015","format":false,"excerpt":"\r \r Danube Properties on Monday launched its latest residential project \u2013 a Dh300 million development in the Al Furjan area of Dubai near Discovery Gardens \u2013 targeted at the affordable segment.The 450-unit Ritz development is Danube\u2019s fifth project following the unveiling of the 171-town house Dreamz in Al Furjan,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5352,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-properties-launches-affordable-property-scheme-in-dubailand\/","url_meta":{"origin":3448,"position":4},"title":"Dubai Properties launches affordable property scheme in Dubailand","date":"February 21, 2016","format":false,"excerpt":"\r \r Dubai Properties Group has announced the launch of a new affordable housing project, Serena, in Dubailand.The company said that Serena will cover an area of 8.2 million square feet, with the first phase containing two and three bedroom townhouses and three-bed semi-detached villas, with homes being arranged around\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123330,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/affordable-homes-in-billionaires-row-scheme-unviable-says-developer\/","url_meta":{"origin":3448,"position":5},"title":"Affordable homes in \u2018Billionaires Row\u2019 scheme unviable, says developer","date":"November 20, 2021","format":false,"excerpt":"\r Plan for 109 London properties at average of \u00a32m each causes anger in borough hit by housing crisisA property developer forecasting a profit of tens of millions of pounds from a luxury apartment complex on London\u2019s \u201cBillionaires Row\u201d, has claimed it cannot afford to subsidise a single affordable home\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/3448"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=3448"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/3448\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=3448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=3448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=3448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}