The Crown Prince of Dubai and Chairman of Dubai Executive Council, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, aims to provide 15,800 homes for UAE nationals throughout the next four years. This comes as part of the new launch of the Dubai 2040 Urban integrated Masterplan.
Developing high-quality housing for Dubai nationals is important for His Highness Sheikh Hamdan bin Rashid Al Maktoum. It is a vital area that His Highness overseas.
A variety of community-driven developments will commence in the following months. They will be led by the support of the Higher Committee for Development and Citizens Affairs to guarantee that the local communities are provided with a high quality of life.
During a tour of a variety of housing developments in Dubai, His Highness visited Al Khawaneej 2 and Al Warqa 4, where construction is now being undertaken on several residential housing developments totaling AED 1.7 billion. His Highness received a briefing on the Mohammed bin Rashid Housing Establishment's new vision and strategy. Over the next 20 years, this will focus on providing a variety of housing alternatives for citizens and speeding up the processing of all housing applications.
Sheikh Hamdan also looked through the blueprints for forthcoming initiatives that are a part of the AED 1.56 billion Al Khawaneej 2 National Housing Project. 1050 residential units, comprising villas, semi-detached villas, and townhouses, will be built as part of the project.
By 2026, 15,800 dwellings for UAE nationals will be built in Dubai under the Higher Committee-supervised plan. This plan seeks to offer housing services in line with the leadership's vision. Additionally, it aspires to put into practice Dubai's authorized housing plans. These plans call for the development of 4,000 residential units by 2026, all of which would offer various amenities.
Housing loans of AED4.8 billion have also been authorized in a single year as part of the 20-year national housing initiative that His Highness Sheikh Mohammed bin Rashid Al Maktoum inaugurated last September with a historic budget of AED65 billion. Additionally, 4,764 approvals in total have been given up to this point. By 2026, it is anticipated that home loans for people would total more than AED 13 billion.
So, despite the rising cost of borrowing expected to slow growth in Dubai’s real estate market, developments continue to appear. The highly attractive, favorable, and secure Dubai real estate environment is one core reason why this can successfully be maintained.
