Dubai is rolling out an incredible opportunity for future investors, as His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, has officially announced and approved the expansion of 17,000 homes in six key areas of the city.
This initiative reaffirms Dubai’s status as a leading global city of the century. For those who have been waiting for the perfect investment opportunity, this is your sign to plan ahead.
Curious about why this project is a compelling reason to invest in Dubai? Let’s discuss the benefits and potential this project holds for the future.
What is the 17,000 Affordable Homes Plan all about?
Currently, Dubai’s real estate market is booming, and this time, the economy has brought in another set of opportunities for affordable housing. As a well-wisher for the community, His Highness Hamdan bin Mohammed has also approved a set of policies and projects supporting educational rights and aiding independent legal professionals in Dubai.
Speaking of this affordable housing project in Dubai, let’s highlight the key details so that you know what’s coming.
- Affordable Homes initiative begins with the allocation of 1.46 million square meters of land to accommodate 17,000 housing units or more, which is also part of the Dubai 2040 Urban Master Plan.
- Six sites, including Al Mueisim 1, Al Twar 1, Al Qusais Industrial 5, and Al Leyan 1, are set to undergo the first phase of development.
- This project will be under the authorisation of the Supreme Committee for Urban Planning, and implemented by the Dubai Land Department, Dubai Municipality, Roads and Transport Authority, General Directorate for Identity and Foreigners Affairs – Dubai, Dubai Civil Defence, and Dubai Real Estate Corporation.
- You can afford to rent in high-end living spaces, a dream for many residents in Dubai.
What does the 17,000 Affordable Homes Plan mean for Dubai Residents?
Since His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, has announced the 17,000 Affordable Homes Plan, the benefits for investors and homebuyers are straightforward. This is because affordable housing means profitability from demand and budget-friendly living.
Here are the main benefits:
- You can find homes available at affordable rental prices, ensuring more budget-friendly living options. This initiative aims to create vibrant communities with quality housing and access to essential services.
- The policy goes beyond just housing; it encompasses broader reforms in living conditions, education improvements, increased recruitment of Emirati teachers, and a new licensing model for legal consultants. This means you can expect growth in opportunities along with this initiative.
- It’s part of the Dubai 2040 Urban Master Plan, which offers a lot for the people in the near future. Explore more about the plan here.
Conclusion:
Affordable housing in Dubai is a growing trend, and thanks to this initiative, we know what to look forward to and how to make the best of it.
Interested in more updates like this? Check out AZCO‘s website for the latest updates on Dubai and its trends. Additionally, we guide our people through this information and help them be informed on their buying and selling journey.
Frequently Asked Questions
The Dubai 2040 Urban Master Plan aims to further promote sustainability and quality of life through the expansion of green spaces, improved public transportation, and mixed developments.
The initial phase of development is planned for six locations, which include Al Mueisim 1, Al Twar 1, Al Qusais Industrial 5, and Al Leyan 1.
The initiative mainly focuses on skilled professionals in Dubai and aims to develop more vibrant communities. It also supports economic growth, creates more jobs, and enhances access to quality housing and essential services.
