The Dubai's construction and real estate sector is well on its way to recovery, with about 3500 buildings worth Dh.25bn or more, being completed during first nine months of the year, reveal official data.
This is an all-time high when considering the value and number of completed buildings, according to data by Dubai Municipality.
The data published by the Dubai Statistics Center (DSC) of Dubai Municipality, the value of construction cost of the Dubai buildings during the first three quarters of the year, touched Dh.25.48bn, an increase by 24percent in comparison to all buildings completed during the corresponding period of 2009.
Further, the number of completed buildings in Dubai also touched nine-month period stood at 3486, an all-time high, in comparison with previous high of 2008, when a total of 2728 buildings were completed during the whole year.
On the whole, the value of buildings completed during initial nine months of this year, surpasses the total value of whole of 2009, which stood at Dh.24.89bn, shows DSC data. Further, the 2010 value is nearly double the value for same period in 2008, before global economic crisis caused the slowdown in the real estate and construction sectors.
Further, with Qatar winning the bid to host 2022 FIFA World Cup, the contractors in UAE are going to get a major share of projects, as the Qatar government is likely to invest more than $57bn in infrastructure development projects during the coming decade.
Further, the latest Dubai World announcement about reaching an agreement with all its creditors on $24.9bn worth debt re-structuring is likely to act as major boost for real estate sector in the emirate, which had recently witnessed decline in values of delivered properties owing to global economic recession.
Further, experts are of the opinion that with the government strongly supporting this major sector and companies within it, real estate in Dubai is likely to be back to limelight very soon. In fact, the government bodies, including municipality have funded atleast one-fifth of total value of completed buildings in 2010.