DUBAI, United Arab Emirates (AP) — The Middle East’s premier real estate event showcased thousands of new luxury apartments and villas for the Gulf’s moneyed investors, but lacking from the glistening mock-ups were projects to address a growing and urgent need for more affordable housing.
On Monday, regional developers showed off new luxury projects in the pipeline at Dubai’s Cityscape real estate event. There, property analysts said governments across the Gulf must ensure more affordable housing projects also appear on the market soon.
Once awash in oil revenue, Gulf governments have had to work to offset the impact of lower oil prices for the past three years. To boost state revenues, governments have lifted subsidies on energy and food products, and are introducing new taxes, but this has also increased people’s cost of living.