Affordable housing has been the talk of the town for the past few months, some developers have started complying with these demands in-order to meet the new market conditions and start offering residential options to mid-income residents. This month Zahra Apartments was launched, located in Town Square, these off plan project offers units from just AED 349,988.
In compliance with the UAE Central Bank Regulations mortgage providers are allowed to provide home finance to investors and end-users; majority of the banks in the country restrict mortgages to expatriate residents earning a minimum income of AED 15,000 per month. Abu Dhabi Finance, one of the country’s largest mortgage provider, is currently working with some master developers to offer mortgages on residential properties aimed to mid-income residents earning AED 10,000 per month.
With sale and rent prices softening in most areas of Dubai, developers are performing extensive analysis to ensure that their projects match with the current market demand and requirements; MAG Group reconsidered its developments and announced the cancellation of some projects including MAG 222 in Dubai Marina, which plot has been sold and MAG 228 in International City.
Since the beginning of the year we have witnessed stable sale prices in Downtown, while in Business Bay, Dubai Marina, Jumeirah Beach Residence and Dubai Land a slowdown has been recorded. As sellers become more flexible with their prices buyers’ negotiations strengthen leading to a reduction in sale transaction prices on average across the city.
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