A developer has revealed plans to build 1,000 affordable homes around Dubai World Central.
The project is expected to have a construction value of US$700 million and is being developed by a joint venture company created by MAG Property Development and MBM Holding,
Work on the MAG 5 Boulevard development will begin in the fourth quarter of this year, with initial handovers expected by the first quarter of 2018.
Dubai developers are increasingly targeting mid-market homes as municipal authorities in Dubai push to introduce mandatory affordable housing quotas for all new developments.
MAG is marketing the project as an affordable housing development, with studios starting from Dh449,000 and two-bedroom apartments being sold for Dh799,000.
Last week, Jumeirah Golf Estates announced that it was set to start developing mid-market homes for the first time around the course that is home to the European Tour Race to Dubai.
Damac, a Dubai developer known for its luxury projects, is also now developing hundreds of affordable homes at its 55 million square feet Akoya Oxygen development.
Emaar is building more affordable housing with projects such as Mira, where three-bedroom town houses were sold starting from less than Dh1 million.
“It is important to remember that there is a huge pent-up demand for affordable housing in the UAE,” said Steven Morgan, the chief executive of Cluttons Middle East.
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