Emaar in talks with UAE emirates over low-cost housing

21 Nov 2011

MENAFN) Mohamed Alabbar, Emaar Properties chairman said the developer is in talks with several UAE emirates launch a low-cost housing schemes, starting in Dubai, Arabian Business reported.

He said that although Dubai is widely seen as being oversupplied, it still has a room for properties at a price point of around USD136,000.

Emaar in October unveiled plans to shift its focus to affordable housing projects in order to benefit from the government housing schemes aimed at addressing the region’s chronic housing shortfall.

Dubai property market was hit hard by the global economic downturn, and the Gulf state’s financial crisis which lead to property prices drop more than 50 percent from 2008- peak.

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