Middle Eastern real estate stakeholders gather to address middle income housing shortage

The greatest challenge facing the Middle East’s real estate industry is a critical shortage of middle income housing, an obstacle government officials and industry stakeholders will discuss at the Cityscape Global Conference in September.

Affordable housing, growing demand for quality facility management, and improved broker knowledge of Dubai regulations are the three main topics to be dealt with at the conference, scheduled from Sept. 7-10 at the Conrad Hotel in Dubai.

“With a shortage of housing for those families earning salaries around the UAE average, it is important that we address some of the best practice initiatives and developments that have been launched in the Emirates, Saudi Arabia and Egypt and continue to implement them across the industry,” Craig Plumb, JLL Middle East and North Africa lead industry researcher, said.

Numerous factors have played a part in the current middle-class housing shortgae for middle income households, Plumb said. The conference is intended to show how much those households can afford to spend on housing in the Gulf region, with particular focus on Dubai and how to best meet those needs.

Dubai Municipality recently revealed plans for mandatory affordable housing quotas in all new residential projects, which makes the development of low- to middle-income properties a key trend in the emirate’s residential market in coming years.