Harvest 2024.. The UAE maintains the momentum of federal and local housing projects
From the reports section
Abu Dhabi, December 18 / WAM / The housing sector in the Emirates during the year 2024 maintained high levels of momentum for housing projects and initiatives at the federal and local levels.
The UAE continued its efforts to enhance the quality of life and stability for its citizens, as the percentage of its citizens owning a private residence reached more than 91 percent.
In this context, the percentage of accumulated housing applications decreased from 13,000 applications to only 650 applications, and the period for obtaining housing decreased from four years to one year, while the number of beneficiaries of the Sheikh Zayed Housing Program since its establishment in 1999 until the end of last August reached more than 90 thousand citizens, with a budget of 60 billion dirhams.
The Cabinet approved the launch of the “My Home” package for beneficiaries of the services of the Sheikh Zayed Housing Program, which provides 18 housing services to citizens, through cooperation between 24 federal and local government agencies, to contribute to reducing the customer’s journey and the required documents he needs.
At the local level, the Emirate of Abu Dhabi witnessed the disbursement of three housing benefit packages during the year 2024 to citizens, worth 13.216 billion dirhams, from which 8,891 male and female citizens benefited in various regions of the emirate, and included exemption from the payment of housing loan dues for senior citizens, retirees with limited income, and deceased heirs. With a value of 847.2 million dirhams, benefiting 805 citizens. And 8.361 billion dirhams in housing loans, from which 5,194 citizens benefited, in addition to 4 billion dirhams in grants of ready lands and housing, from which 2,892 citizens benefited.
This year, Abu Dhabi highlighted the inauguration of the first phase of the Al Muzn neighborhood project, which extends over an area of 3.1 square kilometers and includes 1,365 new residential villas for citizens at a cost of 3.1 billion dirhams.
The Al Muzn neighborhood project extends over a total area of 9.06 square kilometers and includes 3,453 residential villas with modern designs inspired by the authentic Emirati heritage, at a total cost of 9.3 billion dirhams.
In parallel, the Abu Dhabi Housing Authority launched the residential land exchange service among citizens, in response to their desires to achieve family rapprochement and social cohesion, which now allows them the possibility of exchanging the residential land previously granted to them for another land with other citizens or from the residential lands available to the Authority.
The Authority signed an agreement with Abu Dhabi Commercial Bank, under which the bank provides additional real estate financing with interest and Murabaha, supported by the Abu Dhabi Government, to citizens benefiting from the housing loan program provided by the Authority.
The additional financing aims to help eligible citizens obtain additional financing on top of the original housing loan amount of 1.75 million dirhams, within easy facilities that help them obtain housing suitable for their needs.
In turn, the Emirate of Dubai announced the allocation of 3,500 residential plots of land for distribution to eligible citizens, and the provision of 2,300 ready-made homes in various regions, worth 5.5 billion dirhams, as part of the “Dubai Social Agenda 33.”
Dubai has completed the distribution of 3,300 plots of land in Al Yalayis and Latifa City to meet all residential land requests for the year 2023.
Dubai launched the Dubai Integrated Housing Center, which provides 54 housing services to citizens from four government agencies in one place.
The center provides an integrated housing experience that includes support and consultation to reach the best housing options suitable for citizens’ aspirations, and accompanies them on the journey of building their homes from the beginning until they receive them.
In Sharjah, the Executive Council of the Emirate of Sharjah continued to approve new batches of housing beneficiaries, and in this context, last May, the Council approved a batch of 1,300 beneficiaries.
The new batch included 700 beneficiaries from the grant category and 600 beneficiaries from the loan category, and the purposes of housing assistance are divided into new construction, obtaining government housing, a mini-housing unit, completion, maintenance, addition, demolition and rebuilding.
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