Dubai Construction sector taking pace towards recovery

02
Feb

Dubai Construction sector taking pace towards recovery

Although Dubai property market is not enjoying the same high status as it saw once years ago but construction sector is now on its way towards recovery. A construction outlook was given by Dubai Construction Industry that shows an average annual growth rate of around 20% (from 2010 to 2013) with 3500 buildings worth more than Dh. 25bn during 2010. It is quite a big figure both in values and numbers of completed buildings as it will add its worth in long run for Dubai real estate sector as well.

Experts eyeing on the expected growth of Dubai construction sector, have revealed that soon banks and financial companies will have to capitalize the growth, if the sector moved on with the same zeal and passion. This recent review of growth trend indicates that Dubai real estate sector, on the whole, is on the crossroad of success once more. The value of construction cost of completed buildings in Dubai was around Dh. 25.48bn in first three quarters of the year 2010, an average increase of 24 percent in comparison of 2009. It shows that the year 2010 was better for Dubai real estate as compared to the previous whole year.

In 2009, when residential sector of Dubai real estate market was facing downturn and many other developmental projects rolled back and resultantly many people lost their jobs and returned to their homes back. Others tried to stick to Dubai and waited for good time to see a better end. The year 2010 came with much good news for all such inhabitants and expatriates when construction sector geared up. It was the right time to strengthen Dubai property and real estate sector where many mergers, acquisitions and participations took place. We can give credit to government as well who stepped in to support the daunting real estate sector.

Experts are confident that in year 2011 government will strongly support the major real estate sector developments, construction sector and companies related to it, to bring this sector back in limelight soon. It can make high funding as well to bring back the boom again in properties and rent in Dubai.

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