Middle East has been famous for bizarre and extravagant real estate structures and projects. Needless to say, they cannot be afforded by a common man even f he shells his 5 years salary. There exists an acute disparity and Taher Suterwalla firmly believes that this gap should reduce. There is a dire need of having properties which are well within the reach of a common man, someone who isn’t extremely rich. Dubai and other regions of UAE need to shift their focus towards affordable houses. It is already being done as we talk about it but the pace isn’t enough. It needs to be expedited.
The shortage of affordable housing projects is an important concern all across Middle East, especially in Egypt, Dubai and Saudi Arabia. Taher Suterwalla opines that a few policies should be drafted, making construction of affordable homes a must. The middle class sector contributes to a whopping 60% of population in these areas and they are all forced to live in rental accommodations as purchasing a property is out of their bounds.
As per a report by JLL, around 3.5 million affordable homes need to be constructed in UAE. This in itself conveys the gravity of the situation. There needs to be coordination between government authorities and private players to achieve this. Developers should be provided with an access to affordable land. This will reduce the overall cost of the house.