22% of projects launched in 2015 are affordable: JLL
By Khaleej Times
Filed on September 8, 2015
60 per cent of investors believe that theUAE is the most promising country for real estate investments.
Governments and developers have recognised the importance of affordable housing for middle income property buyers, but more efforts are required to reduce land and infrastructure costs, said Craig Plumb, head of research at JLL Mena.
He was speaking at the Cityscape Global Conference on Monday. This year, the number of projects offering affordable units in Dubai amounted to only 22 per cent of total inventory launched, he said.
The lack of middle-income housing is currently one of the major challenges facing the real estate industry across Mena, he said, adding: “As population growth and urbanisation continues, countries throughout the region are facing growing pressure to accommodate the evolving needs of both nationals and expatriates.”
“This includes the need for more good quality, affordable accommodation within developed communities for middle-income individuals and households. Conventions such as the Cityscape Global Conference are the perfect opportunity to bring professionals together from around the world to share ideas on how we can implement different strategies to ensure supply within the market meets demand,” he said.
The findings of a new survey by YouGov, revealed at the Cityscape Global Conference, reflected the positive sentiment underlining the region’s property industry. It said more than half of investors surveyed would choose residential property as their top priority if they were to spend $10 million in the UAE real estate market.
With 60 per cent of investors believing the UAE is the most promising country for real estate investments, more than 300 exhibitors are awaiting the opening of Cityscape Global on Tuesday to showcase their latest developments.
Bringing together more than 1,000 senior real estate professionals and government officials, the Cityscape Global Conference was focused on three main themes: middle income housing; the growing demand for quality facility management; and the need to improve broker knowledge of Dubai regulations. Hesham Al Qassim, chief exeutive officer (CEO), Wasl Asset Management Group; Duaa Dablan, senior deputy director, real estate investment management and promotion centre, Dubai Land Department; and Ali Abdulla Al Ali, director of real estate licensing department, Dubai Land Department, were among the experts at the conference.
The conference gave visitors a glimpse of what to expect over the next three days at the Middle East’s largest property show, Cityscape Global.
Growing from 31,000 square metres in 2014 to over 40,000 square metres of exhibition space, Cityscape Global will host more than 300 exhibitors from 30 different countries, marking the fourth consecutive year of double digit growth for the exhibition.
Emaar, Jumeirah Golf Estates, Meydan and Dubai Multi Commodities Centre (DMCC) are some of the leading developers that will showcase projects at the event, which takes place from Tuesday until Thursday at the Dubai World Trade Centre.
Emaar will be displaying the ‘Opera District’ which will house Dubai’s first dedicated Opera House, an addition to the continued development of their Dh73 billion Downtown Dubai project.
Majid Al Futtaim, DMCC (master developer of the Burj2020 District), Kleindienst Group and Al Barari will be exhibiting for the first time this year.