Aldar Properties has long been one of the leading property developers in the United Arab Emirates. Now, they promise to take a big chunk out of the demand in the UAE property market by constructing dwellings for all of their workers.
In plans released to the public recently, the dwellings will be located in two different cities and will house a total of 150,000 workers by the time they are all completed in 2010.
The first city, which will be located in Al Ain, will be able to house 50,000 people when it is finished in 2009, but at the same time the city's first phase should be finished close to the end of this year and will be able to house half of that number.
The second city is even larger and will be located in Al Musafah. Labourers in that city will eventually be able to reside in the Aldar-created residential area and the area itself is estimated to be able to hold 100,000 people upon completion in 2010.
Both communities will provide shelter for the workers that are housed within them and at the same time will also provide culinary services as well as sporting and recreational facilities within those same communities. All in all, the estimated cost of both of the areas is approximately UAD 260 million.
While this project represents Aldar looking out for its workers and at the same time making sure that they do not leave the immediate area due to lack of ability to pay the rent, at the same time it removes a large amount of demand from the market in the United Arab Emirates. With 150,000 workers effectively not looking for housing past 2010, keeping an eye on what happens to demand and prices in the property markets around that time is now something that is essential for property investors in that area to do.
