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MEED launches 2007 Dubai real estate report
- August 6, 2007, 9:06 pm
MEED this week launched The Dubai Real Estate Report 2007.
- New and invaluable insight into supply and demand trends in the Emirate’s booming property sector
- Report reveals that three-quarters of Dubai’s planned projects for next decade will be in the property sector
The report is an essential information tool for any individuals or businesses linked to Dubai’s construction, investment and real estate sectors.
The pioneering research, conducted by MEED in conjunction with external industry experts over a 2 year period, is based on data and business insight from a variety of sources, including prominent developers and their growth plans and government agencies. The report includes ground-breaking new figures to account for the emirate’s robust growth in recent years, with the property industry set to prevail as the main factor fuelling Dubai’s booming economy until at least 2010.
Angus Hindley, Research Editor at MEED, says:’Real estate has played and will continue to play a vital role in Dubai’s growth. It is a lynchpin for the emirate’s economy, fuelling the construction boom and attracting billions of dollars to Dubai. However, the relative immaturity of the market has made it difficult for businesses and investors to gain accurate data on supply and demand trends. This report gets under the skin of the real estate sector, and addresses that information gap by providing a detailed assessment of the supply and demand outlook, taking into account each of the economic factors that will influence the real estate sector until the end of the decade and beyond. ‘
The report is designed to help investors gain insight into the drivers of Dubai’s economic boom, assess the continued potential for growth in the residential sector, and understand the market activity and delivery from major developers in the emirate. Insights from the report reveal that:
Although supply of residential properties is greater than ever and 175,000 new units will be available by 2010, demand is set to outstrip this, with an estimated 181,000 units required by the end of the decade.
The value of projects either planned or under way in Dubai will total $310,000 million over the next decade. Of this, close to $230,000 million, equivalent to almost three-quarters of the total, is planned in the property sector.
Construction has grown at an average of 32.7 per cent a year since 2001 and in 2006 accounted for 12.7 per cent of total GDP, up from 7.2 per cent in 2001. Averaging at 17.9 per cent since 2001, the economy of Dubai has been one of the best performing in the Gulf over the past five years - largely due to property development.
Real estate and business services have recorded average growth of 25 per cent a year, driven in large part by government-empowered developers, such as Emaar Properties, Dubai Properties and Nakheel, and landmark projects like Downtown Dubai, Business Bay and the Palm Islands trilogy.
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