The UAE property market will see more "affordable" houses by 2016, according to the chief of Dubai Investments (DI), one of the largest land bank holders in the UAE.
“I don’t expect a correction in the market. I expect a slowdown for 2015 because of outside factors and not internal factors," company CEO Khalid bin Kalban told Emirates 24/7.
“I think 2016 onwards there will definitely be a pick-up on affordable housing because of the projects being undertaken by the government such as Al Maktoum International Airport, Expo 2020 venue development and theme parks in Jebel Ali area."
“Market forces are driving developers to leave luxury behind and focus on ‘affordable’ housing. We believe these units should be priced reasonably, while the rent too should be reasonable so as to meet the demand for houses from the low- to mid-income people in coming five years.”
These houses should be built for people earning between AED10,000 and AED25,000 per month, he said, adding, the company will soon be launching projects in the 'affordable' category.