Abu Dhabi to develop less expensive property
More affordable housing is to be built in Abu Dhabi
in a bid to tackle high property prices and rents.
Measures are being taken by the authorities to ensure cheaper accommodation is available for potential investors.
Land will be allocated by the Urban Planning Council (UPC) to developers of new properties for those in the low and mid-income categories. This will most likely be in the planned Capital district.
The UPC was set up in order to oversee the city's long-term urban environments.
General manager Falah Mohamed al Ahbabi said the council will work to increase the amount of affordable housing "including in the special investment zones where expatriates are eligible to purchase property".
Both Morgan Stanley and the Oxford
Business Group have anticipated a steady increase in rents within the
Abu Dhabi property market for at least another four years, according to Emirates Business 24/7.