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Dubai Property Investment News
Dubai real estate boom predicted to continue
Demand for property will outstrip supply in Dubai until at least 2010, according to the latest Dubai Residential Real Estate Report published by the Middle East Economic Digest (MEED).
The report was conducted over two years and found the real estate industry in the emirate to be a driver of economic growth.
"It is a lynchpin for the emirate's economy, fuelling the construction boom and attracting billions of dollars to Dubai," said MEED research editor Angus Hindley.
"However, the relative immaturity of the market has made it difficult for businesses and investors to gain accurate data on the supply and demand trends."
The report reveals that projects in Dubai - either planned or under way - will total $310,000 million over the next decade, with nearly $230,000 million of that within the property sector.
It added that although supply of residential properties is greater than ever and 175,000 new units will be available by 2010, the demand is set to outstrip this, with an estimated 181,000 units required by the end of the decade.
The boom in property has seen real estate and business services recording an average growth of 25 per cent a year.
This growth has largely been driven by government backed developers, such as Emaar Properties, Dubai Properties and Nakheel and landmark projects like Downtown Dubai, Business Bay and the Palm Islands trilogy, the report stated.
As a result, construction too has been booming and has grown at an average of 32.7 per cent a year since 2001 and in 2006, it accounted for 12.7 per cent of the total GDP, up from 7.2 per cent in 2001.
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