What is ‘affordable housing’:
A common term recently used by many real estate experts and city planning officials is the term “Affordable Housing” or the ability to bear housing costs. What is meant here is not only the ability to bear the costs of real estate as a purchase or rent, but what is meant is the ability to bear the costs of life And residence in the property in full. These costs extend beyond the scope of maintenance or operation of the property to much wider dimensions such as:
- Transportation costs, for example, and transportation to and from the property.
- The costs of the services surrounding the property, its availability, its proximity to the property, and its variety.
- Real estate infrastructure costs, such as electricity and water (for example, many areas have weak public water, and the property’s inhabitants are forced to purchase pumps to raise water and tanks to store them)
How the property is suitable for buying and selling:
If the price of the property is cheap enough to make the decision to buy it or rent it, but it is far from amenities and services such as schools, shopping centers, and transportation paths, it cannot be considered an appropriate property .
The problem of the apparent deficit in providing affordable housing and the cost of living in it varies from place to place, but there are some common reasons such as:
- Real estate prices increase faster than income levels.
- The offer of real estate most of the time is not compatible with the demand.
- The scarcity of lands suitable for real estate construction and the high prices of lands significantly
- In addition to demographic changes, such as increasing population growth, especially with medical advances and the movement of population distributions.
Cities that provide suitable housing globally:
According to the statistics of the United Nations indicators, only 13% of cities worldwide estimate the availability of affordable housing, and in 2014 a report issued by the McKinsey International Institute explains that more than 330 million families live in substandard housing or suffer from housing and living costs! The figure is expected to increase rapidly to reach 1.6 billion people in 2025 and more than 2.5 billion people in 2050! This is mainly due to the report (Judge and Tamlinson), which shows that the current generation is the most spending on real estate and housing costs, more than any previous generations, despite the weakness and lack of quality of life enjoyed by the same current generation from previous generations!
Affordable Housing Strategy in Australia:
In Australia the government has defined a clear strategy to reach the concept of “affordable housing” by adopting a strategy called “20 Minutes Neighborhood” which is a strategy that demonstrates the ability to achieve all of your daily needs within 20 minutes of your home, whether it is walking, using a car or any other means of transportation, needs The daily includes your workplaces, shopping malls, schools and universities, clubs and gardens, hospitals and transportation stations or transportation paths.
You must think carefully and carefully about any property before purchasing it, and the decision to purchase the property must not be specific and limited in the narrow perspective of the price of the property itself and your ability to buy or rent it, but your view should be broader and more comprehensive for the costs related to your life and your life and you and your family in this property, because many We are fooled by the opportunities and facilities offered, especially in some new areas, and his passion has the upper hand in making his decisions without looking at other dimensions that can easily transform his dream home into a daily nightmare that he cannot get rid of.