Housing still accounts for the majority of Abu Dhabi construction projects as analysts predict strong growth.
- Housing still comprised 91.6% of all construction projects in Q3
- Real estate sector set to retain huge importance to Abu Dhabi economy
- 41% fall in new Abu Dhabi building projects compared to same period in 2012
The Statistics Centre Abu Dhabi (SCAD) has released a report which confirms the significant value which the property sector in the Emirate holds in relation to the wider economy within the region.
It is also interesting to note that 91.6% of all construction projects that took place in Q3 were residential housing projects, underlining the enduring strength of that particular sector in the region.
The latest SCAD report also dismissed the significance of what specific stage projects were at when analysing the UAE property market.
SCAD suggested the latest report “reflects the centre’s recognition of the huge importance of the real estate sector for the economy, whether reference is to completed projects or developments under construction”.
It also found the total number of new homes that were built in the three months up to September this year fell slightly in comparison with 2012. Just 1,129 new homes were built in the third quarter this year, compared with 3,584 in Q3 2012.
The news comes after the recent report that Dubai will shortly host the World Expo 2020, which is expected to have a strong impact on the property market throughout the region.