[ad_1]
ABU DHABI, 20th April, 2023 (WAM) — A survey last month ranked the UAE as one of the top destinations for people to start a new life abroad, an Emirati newspaper said, explaining that this is further evidence of The country’s safety, job opportunities and advanced infrastructure remain a big draw.
“Dubai is a business and tourist hub that is particularly attractive to many people,” The National said in an editorial on Thursday, noting that the emirate’s statistical center’s demographic table showed its population rose in April last year. The 3.5 million mark has been crossed, with experts saying Dubai’s population is expected to nearly double in the next 20 years amid rising immigration post-pandemic.
But as this thriving community and post-COVID economy recovers, so does demand for real estate. This week, The National reported on data from real estate portal Property Finder that the average asking price for an apartment in Dubai has soared 25% a year, while villa prices rose 16% in the first quarter of this year.
So this week’s news that Dubai’s Crown Prince His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has launched an international design competition for affordable housing is timely and shows how serious Dubai is when it plans for the future. Take on this challenge.
The House of the Future competition invites the design of “affordable, scalable, innovative and beautiful homes” for which families can mortgage AED1 million (US$272,000). The competition will also award Dh200,000 for the best design of what it calls a “self-sufficient house” that can remain liveable without water or electricity for two weeks.
This is a forward-looking project that Sheikh Hamdan has said will “further enhance Dubai’s status as a model for urban development”. It also happened during the international housing crisis.
“The United Nations says the world needs to build 96,000 new affordable housing units every day to accommodate the estimated 3 billion people who need adequate housing by 2030,” added the editorial commentary.
Additionally, the IMF says housing costs are rising faster than incomes in most countries, and the World Bank claims the crisis could affect 1.6 billion people by 2025. Housing, or rather the lack of it, remains a hot political issue in many countries.
However, competition for future homes goes beyond meeting local housing needs. It aligns with Dubai’s 2040 City Master Plan, which calls for the development of a “20-minute city” – allowing residents to walk or cycle to 80 percent of their daily needs and destinations within 20 minutes.
The master plan also includes an overall vision for highly productive urban agriculture and for Dubai to eventually consist of 60% nature reserves and natural areas.
The Abu Dhabi-based daily added: “The competition also has the potential to go beyond the UAE. With its focus on affordability, aesthetics and sustainability, it could encourage designers and engineers to produce designs that could serve as models for other countries to emulate. housing template.”
[ad_2]
Source link