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Dubai Launches $1.49 Billion Affordable Housing Project
一月 23, 2024
Dubai Launches $1.49 Billion Affordable Housing Project 迪拜
By   Internet
  • 都市报
  • Dubai Housing Project
  • Affordable Housing
  • Land Allocation
  • Dubai Property Prices
Abstract: Recently, Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, approved a series of housing projects valued at approximately $1.49 billion. These housing projects are part of Dubai's "Dubai 33" social agenda, including the allocation of 2,300 immediately inhabitable homes and 3,500 residential plots for Dubai citizens. The designated area for the Dubai citizen residential project will be known as "Latifa City."

According to the UAE state news agency Wam, the purpose of these housing projects is to address housing issues in the city of Dubai, providing affordable housing and land while offering comprehensive support for the daily lives of Dubai citizens.

Housing affordability has been a major concern for residents of Dubai, given the high property prices that many find unaffordable. This housing project aims to alleviate this issue by allocating land and homes to eligible Dubai citizens.

The residential plots cover an area of 40 million square feet, with eligible Dubai citizens gaining ownership in February 2022. The allocated land includes 2,700 plots in Latifa City and 800 plots in the Al Yalayis 5 area.

Dubai Launches $1.49 Billion Affordable Housing Project

The 2,300 new homes for citizens will be constructed in various areas such as Al Khawaneej, Al Aweer, Wadi Al Amardi, and Hatta, all significant residential zones in Dubai.

In addition to these housing projects, Sheikh Mohammed has also launched the Dubai Social Agenda plan, with an investment of AED 208 billion (approximately $56.63 billion). This ambitious plan aims to double the number of UAE families over the next decade by providing more housing, improving education and healthcare infrastructure, and investing in arts, culture, and sports to enhance the overall quality of life and well-being for Dubai residents.

Addressing the housing challenges in Dubai, this housing project will provide affordable housing and land to eligible citizens, easing their financial burdens and contributing to the development of the Dubai real estate market. Moreover, the implementation of the Dubai Social Agenda plan lays a solid foundation for the growth of UAE families over the next decade, further enhancing the quality of life and well-being for Dubai residents.

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Dubai Launches $1.49 Billion Affordable Housing Project
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