Dubai’s Crown Prince has approved plans to help low-income families get a foot on the property ladder.
His Highness Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum signed off a low-income housing policy to provide housing units for working people.
The project could see older areas of Dubai being renovated, in a bid to create affordable housing for Emiratis and expats.
A meeting of Dubai’s decision-making Executive Council, held at the Union House, heard that the new policy will look at challenges that families are facing, then cooperate with real estate developers and refurbish some of Dubai’s original suburbs.
Sheikh Hamdan said that social responsibility initiatives have always been a top priority for Dubai government.
“We all have a shared responsibility to spread happiness among all members of the society through providing them and their families with decent lives. Our ambitions in Dubai have no end and every new project we announce represent the fruit of hard work made by various work teams,” he added.
According to expat cost of living calculator Expatistan, Dubai is the 38th most expensive place to live in the world, with average monthly rent for a one-bedroom apartment costing more than AED 6,400. Housing and utility costs eat up 44 per cent of residents’ monthly expenses.