Housing plans to make Abu Dhabi world No 1 in home ownership,
Abu Dhabi’s new housing plans will help the emirate to reach 70 per cent home ownership among nationals by 2020, which would make it No 1 in the world among citizens.
Now at 69 per cent, Abu Dhabi has the second highest home ownership after Singapore.
But Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, announced on Monday that the country planned to double the number of housing loans and reduce waiting times for property.
Dr Abdullah Al Nuaimi, Minister of Infrastructure Development, told The National yesterday that the country is on the “fast track” to ranking first in the world.
At the moment, all married Emiratis, depending on their income, are granted either a built house or land by the state. Those on higher incomes are granted land and a no-interest housing loan so that they can build a house.
But many nationals say that housing loan waiting times can be up to 10 years.
Like many Emiratis, A Salem, 40, has been waiting for more than five years for his housing loan, after waiting another five years for his land.
“I received my land in 2010 after applying for it in 2005 and I still haven’t received my housing loan. My elder brother has been waiting for longer,” the father of four said.
“In the meantime, all the money I’ve spent on rent has gone to waste and isn’t going towards anything that is mine in the end.”
Meanwhile, Emiratis live in rented accommodation or their parents’ houses. Others have taken private loans to buy houses instead of waiting for their government loan to come through.
Abu Abdulla, 39, took out a loan for Dh3 million to buy a house in a private compound in Abu Dhabi.
“I am in a lot of debt but needed a house for my wife and kids,” Abu Abdulla said.
The father of three applied for a housing loan five years ago after waiting three years for his land.
Under the new measures, waiting times will be reduced to a maximum of three years, Dr Al Nuaimi said.
“These housing initiatives are undoubtedly a positive addition and an improvement to the lives of Emiratis. They are a natural continuation of the care and support of the leadership as the move was announced on Zayed Humanitarian Day.”