In Dubai, United Arab Emirates (UAE), nearly 90 percent of the population are expatriates, while in Cairo, 95 percent are locals. Yet the workforces of both cities are dealing with the same issue: a critical lack of affordable housing for middle-income employees.
“The reason for that,” said Craig Plumb, head of research at JLL MENA in Dubai, “boils down to the fact that developers can make more money developing luxury products. While the cities are very different, the issue is very much the same. There’s too much high-end product being sold and not enough [that is] affordable.”
Obstacle to Attracting Workers
Even though the prices of some luxury properties in Dubai have fallen due to market forces, including a drop in the price of oil, housing…
Credit to Katie Nadworny for the original post.