Apartments in Dubai Marina for sale are the talk of the town for 2023 investment arrangements. Dubai is accepted as a great spot for buying real estate and Dubai Marina is earmarked for its many wonders including the hundreds of skyscraper rooms and an endless list of restaurants where you can find all of your choices – including world international cuisines.
However, as unique as the Marina is, and as well sought after it has become (especially among the travel and tour folks), there may be a challenge of cost. That is, the cost to purchase properties there, and the cost of daily living.
The reason for the expensive nature of the area is not farfetched – it is a famous community with many mini sub-communities and international standard buildings. There are many billionaires living or owning properties in Dubai Marina. However, not everyone is a billionaire, and there has been a rising wave of demand for more affordable housing in Dubai Marina – read more on the official website https://emirates.estate/.
New Demands for Affordable Housing and its Impacts
Based on demand, therefore, there have been rising new trends among builders and residents of the Marina. These trends can be summarized below:
a. Focusing on making already available housing more affordable
The first step that is being taken in this regard is to ensure that the properties already on the ground are more affordable, or at least more accessible. The subject of it being more affordable is tricky because the properties are already developed with high-profile materials, and reducing the pricing, or stipulating a lesser price range amounts to devaluing those properties, which can boomerang into a major problem in the sector.
Therefore, instead, efforts are being made to improve mortgage facilities on the one hand (allowing more people to purchase and invest in these Marina properties); and also improving the terms of payment and making more flexible installment agreements in the region.
b. Focusing on providing new affordable Property types
As regards properties that are being developed, or which will be developed in the future, developers are implored to target more affordable units for inclusivity. This is howbeit not an easy task either because the world already knows Dubai for its exotic properties, and an insatiable desire to break records. It is, therefore, nearly impossible to convince developers to stop toeing the line of luxury real estate and to start creating affordable housing, these people are business-inclined, and not charity inspired. However, ex-pats are now suggesting certain practical measures that can mitigate the growing high cost of properties in the Marina:
i. Building more affordable property type: These may include smaller apartments such as single bedrooms, studio units, and smaller self-contain apartments. These are estimated to cost less because they consume smaller spaces, and require lesser appurtenances, and as such will cost lesser upon completion.
ii. Considering cost-effective building methods and materials that would not harm/ impede the quality of the properties that are being developed. This is only an admonition, because it may be difficult to find building materials that are cheaper and yet more durable and more effective.
The Role of Developers Vis-à-Vis the Role of Government in the Cost Management Issues
Government plays a very critical role in the regulation of any sector, including real estate. Every state’s government can regulate or deregulate a sector, set parameters for competition, including price, mode of transactions, taxation, etc. When a government makes any ideal their attention, they move to make it happen.
Having said that, it is clear that the Dubai government has a very critical role to play in real estate in Dubai, and in this case of overpricing along Dubai Marina, the government of the UAE can step in to make the sector more affordable, or to at least create alternatives for the lower and middle class.
Summary of the Article
Build more condos and small apartments, and source for more affordable building materials that would not affect the quality of the final property. More so, the already expensive units may be made more affordable by the introduction of accessible payment plans that allow people to pay in acceptable installments. Finally, the government has a role to play in the regulation of prices and can go a long way to regulate the cost of real estate vide policy-making and market monitoring. However, whether the government of the UAE would be willing to do that is another discussion entirely, because the Dubai project seems to be aimed at the affluent, luxurious, and exquisite lifestyle as opposed to affordability and accessibility.
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