Emiratis to receive 50,000 new homes

Country:  Abu Dhabi

16 March 2009

Over 50,000 homes will be constructed for Emiratis living in Abu Dhabi over the next two decades, the country’s Urban Planning Council (UPC) announced yesterday.

The government’s move is expected to ease current government housing waiting lists which reportedly includes tens of thousands of people.  

The announcement was warmly welcomed, particularly as the housing shortage has led to significant rent hikes in recent years and forced many people to commute from cheaper areas, such as Buraimi in Oman.

Around 30,000 homes will be built in Abu Dhabi and 20,000 in Al Ain at an initial cost of £4.82bn during the first three years.

The severe shortage of homes in the two cities has seen property values and rents rocket by as much as 80% over the past year.

The initial projects in Abu Dhabi include 5,000 houses in Al Falah, 10,500 plots in Shamkha South Shamkha, about 13,000 in Al Wathba and 2,000 to 3,000 in central Shamkha.

See Also:   Abu Dhabi