Private developers have warned they may not be able to build low-cost housing unless the Dubai government facilitates cheaper land. With land prices rocketing the best returns are on office blocks, hotels or top-end villas. According to property services company Asteco, at Dubai Waterfront near Palm Jebel Ali, land valued at Dh90 per square feet in 2005 surged to Dh210 per square foot this year - a 130 per cent increase in just two years.
As Dubai steps up its Urban Development Framework (an Australian company was this week appointed to head up the consortium to plan the project) the onus is on the to build a ‘sustainable city’ for 2020 and beyond. Low-cost housing (or the ability to attract and satisfy low income workers) is seen as a vital part of the plan.
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