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Rent Control Could Negatively Affect These US Cities

As many metropolitan areas grapple with how to address housing affordability challenges, many cities – and some states – are considering rent control measures as a way to keep prices in check, to the dismay of many in the real estate sector.

The National Apartment Association released a new study modeling the impact of a 7 percent cap on growth, like the measure signed into law in Oregon. Researchers detailed a number of negative consequences that would result, in varying degrees of intensity, across different U.S. cities.

AS SANDERS PEDDLES RENT CONTROL, HERE’S WHAT IT COSTS TO LIVE IN CANDIDATES’ HOMETOWNS

One of the main arguments against rent control as a means to shore up affordability is that it discourages construction. Critics argue that without the policy, builders would construct new properties to help meet demand and price points would be lowered naturally.

Investments, too, may decline as the government dictates terms instead of letting the free market decide them. That could lead to a decline in property values – and a loss in income from the lower-priced apartments.

CALIFORNIA RENT CONTROL LAW MAY EXACERBATE HOUSING CRISIS, EXPERTS WARN

Proponents of the policy say it could protect tenants from eviction and decrease tenant turnover resulting from rapid rent increases.

Here’s a look at how four different cities would be impacted by a 7 percent rent control cap, according to the National Apartment Association:

Chicago

In Chicago, a 7 percent rent control measure would put 3,840 units at risk of not being built by 2030, researchers estimate. The city needs to build more than 35,200 new apartments over the same timeframe.

Apartment rental income would decline by about $24.6 million per year, while properties would lose $487.8 million in value.

Losses in tax revenue were expected to be the steepest for Chicago out of any of the four cities examined – at about $6 million per year.

Illinois has recently begun considering whether to rescind a statewide rent control ban that has been in effect for more than two decades.

Denver

Out of the nearly 46,000 new apartment units Denver needs to build to keep up with demand over the next decade, researchers estimate that a 7 percent cap on rental prices would put about 9,340 apartment units at risk.

Property values would decline by an estimated $462 million as rental income fell by $23.3 million annually.

The city would take in $3.5 million less each year in property tax revenue, too.

Colorado lawmakers have also debated overturning a law to allow local governments to implement rent control.

Portland

In Portland, Oregon, where statewide rent control was signed into law, researchers predict the negative effect on the new apartment supply to be slightly less dramatic – a decline of 2,796 units through 2030. The city needs an estimated 36,000 to keep up with demand.

Property values will decline by $213.9 million as a result of decreased income – rental income is expected to fall by $10.8 million each year.

Property tax revenues will decline by more than $5 million annually.

Seattle

Construction would drop significantly in Seattle if a 7 percent rent control measure were imposed, researchers said.

While the city needs more than 77,500 new units within the next decade in order to keep up with demand, the policy would result in the construction of about 1,740 fewer units each year.

Property values would decline by as much as $655 million.

Tax losses are projected to be about $5 million per year.

A Seattle city council member unveiled a rent control proposal in September, capping increases at 2 or 3 percent. The state, however, currently has a ban on rent control.

Oregon passed the first statewide rent control measure in February – limiting increases to 7 percent annually, plus inflation.

California Gov. Gavin Newsom signed a statewide rent control provision in October.

Independent Vermont Sen. Bernie Sanders has also proposed a national rent control measure as part of his comprehensive 2020 presidential housing platform.

Meanwhile, New York City strengthened rent stabilization and rent control measures in

 

Source: FoxBusiness

Chinese Investment in U.S. Commercial Real Estate Is Plunging

Chinese investment in U.S. commercial property is plunging as restrictions on capital leaving the country and geopolitical tensions weigh on real estate deals.

Chinese investors put $1.4 billion into U.S. commercial real estate in the 12 months through September, a 76% plunge from a year earlier, according to a report from Real Capital Analytics. Investment from Hong Kong was also down in the period.

Money Moves

Chinese investment in U.S. commercial real estate has plummeted

“Chinese investors have become net sellers as authorities in China have restricted speculative outbound investment,” Jim Costello, senior vice president at Real Capital Analytics, wrote in the report.

In the 12 months through September, foreign investors were net sellers of U.S. commercial real estate, according to Real Capital Analytics. That’s after six consecutive years of gains in cross-border acquisitions.

While Chinese investors are avoiding U.S. deals, there was an uptick in capital from countries including Germany, Turkey and South Korea.

In September, China’s Anbang Insurance Group Co. agreed to sell a portfolio of luxury hotels in the U.S. to South Korea’s Mirae Asset Management Co. for $5.8 billion.

Chicago Real Estate Prices Falter, Trailing Even Hong Kong

The value of Chicago’s commercial real estate was the worst of all major metropolitan areas over the past year, even falling behind crisis-stricken Hong Kong’s property market.

The prices of office buildings, apartment properties, retail centers and industrial real estate in Chicago fell by 4.1 percent over the past year, according to Real Capital Analytics data, first reported by The Wall Street Journal.

The famous Willis Tower in Chicago, formerly known as Sears Tower, on a hot summer’s day in Chicago, Illinois, USA
Total commercial real estate sales in Cook County, which includes Chicago, dropped by 42 percent this year, Real Capital said. Sales also fell in several nearby counties that include parts of suburban Chicago.

TRUMP’S TAX CUTS REDUCE US BURDEN TO ONE OF LOWEST IN THE WORLD

In Hong Kong, prices tumbled 2.6 percent this year amid six months of increasingly violent pro-democracy protests that pushed the Asian financial hub into a recession.

The top 10 Cities In The World for Expats to Live and Work Abroad

Workers who daydream of packing their bags to move abroad may want to consider Taipei for a personal and professional reset.

For the second year in a row, Taiwan’s capital was named the No. 1 city for expats to move abroad for work, according to the annual Expat Insider survey by InterNations, an online resource group for expats around the world.

More than 20,000 expat workers participated in the survey and represented 178 nationalities living in 187 countries or territories.

For the best cities ranking, expats rated 25 elements of living abroad that measured quality of life, getting settled, work-life satisfaction, financial security and housing, and local cost of living.

Taipei came out on top thanks to its high ratings for overall quality of life. The city ranked third out of 82 cities for this particular category. Tokyo, Japan, came in first, while Zug, Switzerland, came in second for top quality of life standards.

Expats in Taipei were especially satisfied with local transportation, as well as available and affordable health care.

Workers did note that getting settled in Taipei was more difficult, likely because of a language barrier where many residents primarily speak Mandarin Chinese or Taiwanese Hokkien. However, newcomers did rank locals high in terms of friendliness, and the majority of people who recently moved to Taipei said they were happy with their new social life.

Kuala Lumpur, the capital of Malaysia, was named the second-best city to move to for expats and was identified as the world’s easiest city to get settled in. While Malay is the official language of the country, English is widely used, and 92% of expats found it easy to live in Kuala Lumpur without speaking the local language. That’s compared to a 47% average of expats who feel similarly in other cities across the world. Expats in Kuala Lumpur rated financial security and affordable cost of living highly, and though long-term career opportunities were lacking, expats said they were very satisfied with their jobs in general.

Recent reports have found people who move abroad are happy not just with the change to their daily lives, but they’re also seeing benefits to their careers. One MetLife survey found 91% of expat workers who receive company benefits are satisfied with their jobs, compared to 73% of their colleagues who stay local. And according to HSBC’s latest expat survey, the average 18 to 34-year-old’s salary rose 35% after relocating overseas, from $40,358 to $54,484.

Here are the best cities around the world to move to for work.

10. Basel, Switzerland

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Switzerland Basel-Stadt Basel
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  • 93% of expats feel safe in their new city
  • 82% of expats rate the availability of health care positively
  • 59% of expats feel at home in the city
  • 50% of expats find it easy to adjust to local culture
  • 72% of expats are satisfied with their job
  • 63% of expats are satisfied with their work-life balance

9. The Hague, Netherlands

GP: The Hague, Netherlands
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  • 88% of expats feel safe in their new city
  • 70% of expats rate the availability of health care positively
  • 69% of expats feel at home in the city
  • 56% of expats find it easy to adjust to local culture
  • 73% of expats are satisfied with their job
  • 68% of expats are satisfied with their work-life balance

8. Zug, Switzerland

Zug Switzerland
Frank Bienewald | LightRocket | Getty Images
  • 98% of expats feel safe in their new city
  • 87% of expats rate the availability of health care positively
  • 67% of expats feel at home in the city
  • 43% of expats find it easy to adjust to local culture
  • 65% of expats are satisfied with their job
  • 67% of expats are satisfied with their work-life balance

7. Barcelona, Spain

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Park Guell, Barcelona, Spain.
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  • 82% of expats feel safe in their new city
  • 88% of expats rate the availability of health care positively
  • 77% of expats feel at home in the city
  • 77% of expats find it easy to adjust to local culture
  • 65% of expats are satisfied with their job
  • 70% of expats are satisfied with their work-life balance

6. Lisbon, Portugal

GP: Lisbon, Portugal
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  • 96% of expats feel safe in their new city
  • 72% of expats rate the availability of health care positively
  • 73% of expats feel at home in the city
  • 79% of expats find it easy to adjust to local culture
  • 63% of expats are satisfied with their job
  • 74% of expats are satisfied with their work-life balance

5. Montreal, Quebec, Canada

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  • 91% of expats feel safe in their new city
  • 64% of expats rate the availability of health care positively
  • 66% of expats feel at home in the city
  • 71% of expats find it easy to adjust to local culture
  • 73% of expats are satisfied with their job
  • 73% of expats are satisfied with their work-life balance

4. Singapore

DOUNIAMAG-SINGAPORE-SOCIAL-HEALTH-HIV
Central Singapore’s iconic promenade and skyline.
Roslan Rahman | AFP | Getty Images
  • 100% of expats feel safe in their new city
  • 79% of expats rate the availability of health care positively
  • 73% of expats feel at home in the city
  • 77% of expats find it easy to adjust to local culture
  • 64% of expats are satisfied with their job
  • 54% of expats are satisfied with their work-life balance

3. Ho Chi Minh City, Vietnam

GP Tan Dinh church in Ho Chi Minh City, Vietnam
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  • 79% of expats feel safe in their new city
  • 68% of expats rate the availability of health care positively
  • 71% of expats feel at home in the city
  • 71% of expats find it easy to adjust to local culture
  • 79% of expats are satisfied with their job
  • 71% of expats are satisfied with their work-life balance

2. Kuala Lumpur, Malaysia

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Petronas Twin Towers at sunset, Kuala Lumpur, Malaysia.
Laurie Noble | Getty Images
  • 78% of expats feel safe in their new city
  • 86% of expats rate the availability of health care positively
  • 75% of expats feel at home in the city
  • 74% of expats find it easy to adjust to local culture
  • 80% of expats are satisfied with their job
  • 68% of expats are satisfied with their work-life balance

1. Taipei, Taiwan

GP: Taipei, Taiwan
Getty Images
  • 96% of expats feel safe in their new city
  • 94% of expats rate the availability of health care positively
  • 75% of expats feel at home in the city
  • 67% of expats find it easy to adjust to local culture
  • 72% of expats are satisfied with their job
  • 76% of expats are satisfied with their work-life balance

Source: cnbc

Kuwait City Named World’s Worst City for Expats to Live, Work

Expat City Ranking 2019 by InterNations ranks other Gulf cities in top half of list, with Abu Dhabi leading the way in 15th place

Kuwait City’s worst performing area is the Getting Settled Index with almost three in five respondents (57 percent) feeling that the local residents are unfriendly towards foreigners (v 19 percent globally).

The unhappiest expats in the world can be found in Kuwait City, it was revealed on Tuesday.

The Expat City Ranking 2019 by InterNations, the world’s largest expat community with more than 3.5 million members, showed that four Asian cities – Taipei, Kuala Lumpur, Ho Chi Minh City and Singapore – were the best cities to live as an expat in a new list comparing a total of 82 cities.

On the other hand, Kuwait City was ranked bottom of the list while Rome (81st) and Milan (80th), Lagos, Paris, San Francisco, Los Angeles, Lima, New York City and Yangon, Myanmar also featured in the bottom 10 cities worldwide.

Abu Dhabi (15th), Manama (21st), Muscat (28th) and Dubai (34th) ranked top to midfield in the rankings.

Barring Kuwait City, the cities are among the top 25 worldwide for getting settled, and expats generally value the safety as well as the availability and affordability of housing.

However, the lack of a good work life is a prominent weakness for the cities in the GCC states, the report said.

In contrast to the other cities in the GCC States, Kuwait City’s worst performing area is the Getting Settled Index (82nd). Almost three in five respondents (57 percent) feel that the local residents are unfriendly towards foreigners (v 19 percent globally).

Kuwait City, like most other GCC cities, also does badly in the Quality of Urban Living Index, ranking 81st, ahead of only Lagos, Nigeria.

It is the world’s worst-rated  city for leisure activities and for the local climate and weather while more than three in five expats are also dissatisfied with the local transportation and Kuwait City has the worst-rated quality of environment.

Another weakness of Kuwait City is its work life, for which it ranks 79th worldwide, ahead of only Istanbul, Athens and Rome. Over a third of expats say they are dissatisfied with their job in general (v 19 percent globally), and two in five are unhappy with the local career opportunities.

Kuwait City also has the worst-rated work-life balance worldwide, with 38 percent of expats rating this factor negatively.

The report said the drawbacks to Dubai mainly come from its poor work life (71st). Less than half the expats say they are happy with their work-life balance (v 60 percent globally) and only 45 percent feel secure in their job (v 59 percent globally).

While Abu Dhabi ranked well in most areas surveyed, the UAE capital also ranked in the bottom 10 for job security (73rd), with 30 percent of expats worrying about this.

After ranking in the top 3 for two years in a row, Manama fell to 21st in the Expat City Ranking 2019, losing the most ground in the Urban Work Life Index as only 63 percent say they are generally happy with their jobs while also being less satisfied with their working hours.

Muscat fell from the top 10 to rank 28th, in large part due to a decline in its performance in the Finance subcategory. Just 44 percent of expats say they feel their disposable household income is more than they need to cover their daily costs in 2019, compared to 62 percent in 2018.

Source: arabianbusiness

Singapore

Singapore Overtakes the US to Become World’s Most Competitive Country, WEF says

Singapore has overtaken the U.S. to become the most competitive nation in the world, according to the World Economic Forum (WEF).

In its 2019 Global Competitiveness Report, the WEF measured the strength of 103 key indicators, such as inflation, digital skills and trade tariffs, across 141 countries.

The key indicators in the report were organized into 12 pillars, which included institutions, macroeconomic stability and health.

The U.S., which held the top spot in 2018′s ranking, dropped into second place this year, although the report’s authors noted that it “remains an innovation powerhouse.”

America received the highest score in the world in several subcategories, including ease of finding skilled employees and venture capital availability, with the U.S. also being ranked higher than any other country in the business dynamism pillar.

However, the country scored relatively low in some categories, with increasing trade tariffs, declining life expectancy and low digital skills among the American population taking a toll on the United States’ overall ranking. The WEF noted that life expectancy in the U.S. is now lower than it is in China, with the U.S. having only the 39th highest life expectancy in the world amid its ongoing opioid crisis.

Singapore, named the most competitive economy in the world, scored highly for its public sector, labor force, diversity and infrastructure. On life expectancy, Singapore was ranked number one, with newborn children expected to live until the age of 74.

In comparison, life expectancy in the U.S. is 66 years old, while in China it’s 68.

The 10 most competitive countries in the world

  1. Singapore
  2. United States
  3. Hong Kong
  4. Netherlands
  5. Switzerland
  6. Japan
  7. Germany
  8. Sweden
  9. United Kingdom
  10. Denmark

Hong Kong, the Netherlands and Switzerland rounded out the top five, with Hong Kong rising four places from 2018. The WEF’s data collection concluded before political unrest and protests in the territory intensified, according to the organization’s chief economist.

Overall, Asia-Pacific was named the most competitive region in the world, followed by Europe and North America.

The average score out of 100 across the 141 nations was 61, with the WEF claiming that the gap was a greater concern now in the face of a global economic slowdown. Reigning Singapore scored a total of 84.8 points, with second-place America being awarded 83.7 points.

‘Geopolitical context’

The report, published Tuesday, warned that most economies were locked in a cycle of low or flat productivity growth. According to its authors, nations that have invested in four key areas — human capital, improving their institutions, innovation and “business dynamism” — would be best placed to withstand a global slowdown and revive domestic productivity. However, they warned the effects of a slowdown were likely to be exacerbated by simmering geopolitical tensions.

“The changing geopolitical context and rising trade tensions are fueling uncertainty and could precipitate a slowdown,” the WEF said in a press release on Tuesday. “However, some of this year’s better performers appear to be benefiting from the trade feud through trade diversion.”

Those countries included Singapore and Vietnam, which was the most improved country in this year’s index in 67th place.

Urging policymakers to prepare for an evolving economic landscape, the WEF called on governments to better anticipate and implement the social policies that would be needed to prepare their populations for the fourth industrial revolution.

The organization said many of the world’s largest and most innovative economies had education systems which were failing to keep up with the pace of innovation, including South Korea, France, China, India and Brazil.

US loses its top spot as world’s most competitive country, WEF says

Speaking to CNBC’s “Squawk Box Europe” on Wednesday, Saadia Zahidi, chief economist at the WEF, said there was a clear sense that many countries were caught up in election and business cycles.

“We’re not keeping our eye on the prize in terms of the north star that’s required if we want to restore productivity,” she said. “There isn’t enough focus on institutions and making them stronger, there isn’t enough focus on skills to help people keep up with technology, there isn’t enough focus on restoring business dynamism so we ensure that we actually get products from the lab into the market.”

Housing Deficit

“Those are all the areas where it’s very clear that there are weak spots and countries need to be doing a lot more, and of course those also happen to be areas where policy making matters, so there has to be a focus on long-term policy making,” she added.

Another key concern raised by the WEF’s report was the fact that economic stagnation was widespread despite an injection of more than $10 trillion by central banks over the past decade. The authors of the report emphasized that monetary policies were beginning to “run out of steam.” As a consequence, it was crucial for economies to rely on fiscal policy, as well as public incentives that could boost research, enhance the skills of the current and future workforce, and develop new infrastructure and technologies, the report noted.

Central banks around the world have been easing monetary policy this year in a bid to encourage spending and boost the slowing economy.

In September, the European Central Bank unveiled a broad stimulus package that included fresh quantitative easing and a cut to interest rates. Meanwhile, the U.S. Federal Reserve has lowered interest rates twice in the past six months, with the initial reduction marking the central bank’s first rate cut in 11 years. Elsewhere, central banks in New Zealand, India and Thailand all announced larger-than-expected rate cuts in August.

Source: cnbc

Dubai Named As The Second Best City In The World To Drive In

Dubai is also in the top four of least amount of road rage incidents, according to study

Dubai was recognised as having one of the least expensive petrol prices ($0.59) and also the lowest average car age at 5.2 years.

Dubai has been revealed as the second best city to drive in, according to a study from European car parts retailer Mister Auto.

Only Calgary, in Canada, ranked higher than the emirate, while it was deemed safer than places such as Ottowa, Bern, El Paso and Vancouver. Gothenburg, Dusseldorf, Basel and Dortmund made up the rest of the top ten.

Dubai is the only city from the entire Middle East region to feature in the top 100 cities worldwide. According to the report, Mumbai is the worst city for drivers.

While Dubai registers at number four in the top ten cities with the least incidents of road rage, behind Singapore, Tokyo and Osaka.

The cities with the most incidents of road rage are Ulaanbaatar, followed by Moscow and Karachi.

Dubai was recognised as having one of the least expensive petrol prices ($0.59) and also the lowest average car age at 5.2 years.

Source: arabianbusiness

Apple Commits $2.5 Billion to Ease California Housing Crunch

The plan includes $1 billion for an affordable housing investment fund and another $1 billion to help first-time buyers find mortgages.

 

Apple is pledging $2.5 billion to confront California’s housing crisis, in a bid to help the state ease a situation that’s been blamed for marginalizing people in service and support jobs and creating a spike in homelessness.

“The sky-high cost of housing — both for homeowners and renters — is the defining quality-of-life concern for millions of families across this state, one that can only be fixed by building more housing,” Gov. Gavin Newsom said in a statement from Apple. “This partnership with Apple will allow the state of California to do just that.”

The announcement comes as California grapples with how to keep pace with growing demand — by one estimate, as NPR recently noted, the state must build more than 3 million homes by 2025.

Apple’s plan includes $1 billion to create a mortgage assistance fund for first-time homebuyers, and another $1 billion that will be an open line of credit to support building “very low- to moderate-income housing,” the company said.

People who want to own or rent a home in California increasingly face tight supply in high-demand areas. While the crisis has a wide reach, the struggle to find new housing at an affordable price is even more daunting for the millions of people who haven’t benefited from the tech boom that has made some into billionaires.

The result is that in a state famous for nurturing innovative ideas in garages, a number of people have been living in their vehicles because of the high cost of rent — including some lower-paid tech workers. Communities from Los Angeles to the Bay Area have been criticized for banning or restricting people’s ability to live in automobiles and RVs.

“Apple is committed to being a good neighbor and helping to write the next chapter of the region that has been a great home of innovation and creativity for generations,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives.

Some 45% of California residents rent their homes, according to the latest figures from the National Low Income Housing Coalition. It adds that among renters, the average hourly wage is $22.79 — but to afford fair market rent for a two-bedroom home, a renter must earn $34.69 an hour.

Apple’s housing offer follows large commitments from other tech giants. Both Facebook and Google have pledged $1 billion in recent months. In January, Microsoft made a $500 million investment to ease similar pressures near its headquarters in the Seattle area.

Jackson says Apple crafted its approach to match the broad reach of the housing crisis, from helping first-time homebuyers to backing philanthropies that support people who are at the greatest risk of experiencing homelessness.

California’s poverty rate has fallen in each of the past five years, according to the latest American Community Survey report from the U.S. Census Bureau. But the state’s income inequality rate is also one of the worst in the U.S., that same report found. And of all the states that had higher than average income inequality rates in 2018, California was the only one where the income gap grew even wider last year.

Housing Deficit

“Affordable housing means stability and dignity, opportunity and pride,” Apple CEO Tim Cook said. “When these things fall out of reach for too many, we know the course we are on is unsustainable, and Apple is committed to being part of the solution.”

Here’s the company’s breakdown of the $2.5 billion in aid:

  • $1 billion affordable housing investment fund
  • $1 billion first-time homebuyer mortgage assistance fund
  • $300 million worth of land Apple owns in San Jose, which will be available for affordable housing
  • $150 million Bay Area housing fund, consisting of long-term forgivable loans and grants
  • $50 million to support vulnerable people: Apple is donating $50 million to support Destination: Home’s efforts to address homelessness in Silicon Valley, and will look for similar philanthropies in the north and south of the state

Source: npr

Saudi Firms Partner To Build World’s Largest Mixed Use Shopping Destination

The new destination is expected to cost $5 billion and will include major theme parks, water parks, recreational facilities, dining and hospitality components

Al Akaria Saudi Real Estate Company and Triple Five Worldwide-owned Arabian Dream KSA are teaming up to develop what they say is the world’s largest mixed use entertainment and shopping centre development.

Triple Five is the owner and developer of three of the largest retail and entertainment centres in North America: Mall of America, American Dream and West Edmonton Mall.

The new destination is expected to cost $5 billion and will include major theme parks, water parks, recreational facilities, dining and hospitality components, all coupled with the latest artificial intelligence (AI) technologies.

The development will be located within Al Widyan’s 7 million sq m masterplan, which is being built as a mixed-use development and leisure destination. The first phase of the project is expected to be completed in the first half of next year.

“We are very proud to partner with Arabian Dream and Triple Five on the development of a mega leisure and entertainment destination at Al Widyan project site,” said Saudi Real Estate Company chairman Aiman Mudaifer.

“With the proven track record of Triple Five in developing such projects and creating new experiences for its visitors, we are confident that once completed, it will become a new destination for residents of Riyadh and visitors to Saudi Arabian,’ he added. “Through this project, we are also proud to play an active role in contributing towards Saudi Arabia’s Vision 2030.”

To date, Al Akaria has worked on over 32 residential, retail and commercial projects.

Source: arabianbusiness

Dubai Unveils Largest 3D Printed Two-Storey Structure In The World

Dubai Municipality has announced another milestone by entering the Guinness Book of World Records for 3D printed building

Dubai Municipality has announced another milestone by entering the Guinness Book of World Records for completing the largest 3D printed two-storey structure in the world.

The achievement is in line with the directives of Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to construct 25 percent of the buildings in Dubai with 3D printing technology by 2030.

Dubai Municipality said it has completed a two-storey integrated building project with a height of 9.5 metres at a total area of 640 square metres through the use of 3D printing technology.

It is the largest and first 3D printed two-story structure in the world executed by undertaking 3D printing onsite directly under external working conditions and using local components, it added.

Dawoud Al Hajri, director general of Dubai Municipality said: “This project is a major turning point in the construction sector at the local and regional levels and is based on the strategy of innovation in 3D printing technologies in construction, which in turn will increase the pace and speed of execution and completion of buildings in record time, and reduce construction costs and contribute to the development of solutions to the demographics challenges by reducing the number of construction labour.

“It will also support the Emirate’s sustainability trends using local materials and reduce construction waste, where printing is done electronically according to engineering plans directly without human intervention,” he added.

 

“The two-storey building has been designed and executed with a number of spaces that can be used as rooms or offices of different sizes. The walls are printed directly from the printer, unlike the traditional method of construction, which depends on the work of tightening wooden pieces with nuts and bolts, reinforcement and pouring of concrete and making bricks. The building has been designed with different curves and shapes through which it was tested whether it can be possible for 3D printing in the construction of a variety of designs,” said Al Hajri.

He added that the Municipality ensured that the materials used in the mixture are local materials available in the country. The printing mix was created from local materials and will be the Intellectual Property of Dubai Municipality as the holder of the rights of this mixture in the future.

Source: arabianbusiness

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