Dubai property investments now worth Dh165 billion
According to a release by Middle East Real Estate Society(Meres) real estate investments in Dubai hover around Dh165 billion, up from Dh11 billion in 2000, which is bound to increase further after the issuance of Dubai property law{}
Meres analysis shows that the Government of Dubai can certainly expect Dh184 billion in property investment by the year 2010, more so after the issuance of the Dubai property law.Real experts opine that its contribution to GDP per annum will be 35 percent for the next five years. Meres is organising the second International Real Estate Forum to be held from May 15-17 at the Fairmont hotel.
The conference will tackle the important issues related to the dynamic UAE property market through the theme of ‘Developing tomorrow’s vision today’.
The Middle East property market is on a high and studies reveal that projects currently under way in the GCC, Iran and Iraq have surpassed the $697 billion (Dh2.55 trillion) mark. The UAE accounts for about 32 percent pt $223.79 billion (821.3 billion) of this; however it has to borne in mind that the United Arab Emirates accounts for $177 million or about 60 percent of the GCC construction projects worth $294 million.
“The UAE is currently the world’s most buoyant property market, estimated at a massive Dh184 billion in real estate investment by 2010”, said Ali Rahma, Meres chairman in a statement.
Source: Go Wealthy