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Sheikh Mohammed Gives a Go-Ahead For Housing Projects for Emiratis in 2024. Investing in real estate in Dubai has always proved to be a lucrative option for both local and global investors. From buying houses to investing in plots to setting up commercial businesses, people have invested in properties in Dubai for a variety of reasons and benefited from it. The real estate developers in the city have come up with lucrative projects for people to invest in. The government, in turn, has done everything in its capacity to support its endeavours.
Sheikh Mohammed bin Rashid Al-Maktoum, the ruler of Dubai, has constantly worked towards designing and launching initiatives that would solidify Dubai’s identity as a global real estate hub. The government’s guidance and support have helped the real estate sector in Dubai grow significantly over the last couple of years. The government has also contributed to the real estate sector in the city taking significant steps towards making innovation a big part of its growth endeavours.
Recently, Sheikh Mohammed gave his approval to a bunch of housing projects that are designed to start and/or be completed in 2024. The government believes setting up these projects would play an important role in propelling the growth of the real estate space in Dubai forward. The responsibility to deliver these projects has been given to different real estate companies including Falcon Premier Real Estate.
What Do These Housing Projects Entail?
Along with plans to distribute 3,500 plots of land to several Emirati citizens in Dubai, the government has approved the construction of 2,300 properties which will be designed as ready-to-move-in houses. The total value of these ready-to-move-in houses will be AED 5.5 billion ($1.5 billion).
According to Sheikh Mohammed, the social stability and well-being of the citizens in Dubai are the biggest driving factors behind these housing projects. Dubai’s rapid growth over the years, as per Sheikh Mohammed, is a direct result of the government giving utmost importance to public welfare and channeling the resources in a way that citizens get the best possible environment to live and work.
The social cohesion in the Emirate, as per Sheikh Mohammed, is because of the welfare measures and good housing facilities provided to its citizens. When people live in good societies, they witness growth in themselves internally and feel safe at all times. Apart from building a strong sense of community, people also learn how to adapt to different cultures and sensibilities.
When somebody invests in a property in Dubai, they feel sure about the fact that they will get good returns on the property. When we say ‘returns’, we are not just referring to the profits they will make when they sell the property. Even if an individual purchases a property to live in, they can expect it to offer them a good amount of comfort and security.
Latifa City, which happens to be the area designated or marked for citizen housing, honours Sheikh Latifa’s memory. As many are aware, Sheikh Latifa, Sheikh Mohammed’s mother, has played an important role in shaping his beliefs and vision. These housing projects are very special for Sheikh Mohammed and they are expected to bring a significant change in the real estate market of Dubai.
The multiple housing plots, which have been designated for citizens, cover a total area of 40 million square feet. All the citizens in Dubai, who are eligible for the possession of these plots, should receive them in February. Apart from 2,700 plots being designated in Latifa City, as many as 800 plots have been given out in the Al-Yalayis 5 community. Al-Khawaneej 2, Wadi Al-Amardi, Al-Aweer, and Hatta are some of the areas in which the 2,300 new houses for Dubai citizens have been given out.
A couple of weeks back, Sheikh Mohammed laid the foundation for the Dubai Social Agenda Program which has been valued at AED 208 billion. One of the major goals of this initiative is to bring a significant increase in the number of Emirati families based in the emirate in the next ten years. Sheikh Mohammed has also put together elaborate plans to bring about an improvement in housing facilities, health care system, and the residents’ quality of life.
What Makes These Housing Projects Special
While many housing projects in the past have been successfully initiated by the government of Dubai, there are several factors that make these housing projects special. Firstly, they have been designed keeping in mind the current requirements, demands, and aspirations of the residents of Dubai. Because of this, they are expected to appeal to a large chunk of the population living in Dubai. They also hold a lot of appeal for individuals who are not based in Dubai but want to live or set up businesses here.
These housing projects are being pegged at very affordable prices. The real estate market in Dubai has been very stable over the years and that has helped real estate developers put together and offer properties at affordable prices. Through these housing projects, a lot of people will get to realize their dream of living in high-quality and affordable housing units.
While designing these housing projects, the government ensured that buyers had a lot of options to choose from. The properties being set up are of different types and therefore, should appeal to people of varying tastes, preferences, and sensibilities. Regardless of what an individual’s budget is, they will have a plethora of options at their disposal.
These housing projects have been planned very carefully and if implemented properly, they will give a solid boost to the real estate sector of Dubai which is already growing at a very good pace. Since the government is backing these projects, there is no scope for things going wrong at any stage.
Company Bio – Falcon Premier Real Estate
When you look for the best real estate agency in Dubai, you will find most people pointing you toward Falcon Premier Real Estate. For years, the company has helped people secure the right properties for themselves at fair prices. Apart from helping them crack the right deal, the company has guided both individuals and businesses towards making the right investment decisions for themselves in the real estate market in Dubai.
