A new scheme aims to meet the rising demand for affordable housing for lower-income residents.
Announced by the Department of Municipal Affairs and Transport, the initiative will work with property developers, landlords and tenants to provide residential units at lower rents for bachelors and those with fixed monthly incomes between AED 2,000 and AED 6,000.
With monthly rents ranging from AED 700 to AED 2,000 and attractive benefits for property owners and developers, it is hoped that the new scheme will encourage the construction or conversion of new buildings for those who need them.
The initiative also establishes a series of stipulations as to location and size of properties involved. Residential units must overlook a main road, and meet a minimum floor space requirement, with 26 square metres allotted for a studio apartment.