Major industrial infrastructure investments recently launched by the UAE government are expected to push expenditure this year, according to a Knight Frank report.
The report, published by the Dubai-based Arabic Language Al-Bayan newspaper on Saturday, said that the Dubai economy will remain the least vulnerable to future economic crises due to the current investments made in the build-up to Expo 2020.
Current real estate and tourism investments are also expected to further consolidate the economy as well as major infrastructure and developmental projects, including Khalifa Industrial Zone Abu Dhabi (Kizad), Dubai Industrial City, Dubai South, and the expansion of the Dubai Airport Freezone Authority (DAFZA).
With the UAE population expected to grow 3.1 million in 2017, an increased demand will further push the real estate market in Dubai and neighbouring emirates.
Industry leaders in Dubai’s property market have shared a positive view towards the emirate’s real estate sector, expecting a continuous upward trend leading up to 2020.
In January, Khalid Bin Kalban, chairman of Properties Investment and managing director & CEO of Dubai Investments said he believed that Dubai’s property market has bottomed-out as investor sentiment continues to improve.
“There are a lot of positive indications that the market continues an upward trend, especially with massive infrastructure projects for Expo 2020 and other megaprojects fully underway,” he said.
Dr Rashid Abdulla Al Hajj, general manager of Dubai-based Properties Investment (PI), agreed, explaining that he did not believe the market was currently in oversupply.
“Though people are more cautious, now is the best time to invest and buy property as the market will continue to improve in the next four years,” Al Hajj added.
Construction Week Online
27 March
