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The Urban Planning Council (UPC) will allocate land in Abu Dhabi to real estate developers to build new residential properties for low and mid-income families |
UAE capital city is about to go on an affordable property spree. These real estate projects would be constructed in Abu Dhabi more to combat the issue of sky-rocketing rents and property prices.
"It will also work with developers to increase the amount of affordable housing in projects already underway, including in the special investment zones where expatriates are eligible to purchase property. We are working with developers willing to build affordable housing and we will help them," Falah Mohamed al Ahbabi, the council's general manager said.
The Urban Planning Council (UPC), the agency that monitor's the UAE capital's long-term development, will allocate land, expectedly in the planned Capital district between Musaffah and Khalifa City, to real estate developers to build new residential properties for low and mid-income families. A recent report by property services company Asteco revealed that rents in the city had rocketed by 49 per cent in the last year.
