William King Level: Platinum
William King is the director of several online B2B portals. He has 18 years of experience in the marketing and trading industries and has been ...
Some years back Dubai real estate market got badly hit by great slump and got crashed like a deck of cards. Now after considerable period of time Dubai property market is regaining its lost status. Although, currently Dubai is not enjoying the same high status as it was some years back but as far as construction sector is considered, it is now on the right path of restoration. Authentic data shows that in the year 2010 approximately 3500 buildings were completed in the first 9 months worth more than DH 25 billion.
Recent reviews state that the construction sector is currently heading towards the crossroads of success. Banks and financial institutions will also capitalize the growth out of necessity. The overall growth of construction of buildings in 2010 is 24 percent more then the previous year. The growth is expected to further boost due to Qatar's winning bid to host FIFA World Cup 2022. Qatar government has showed its interests to invest more than 57 billion dollars on its infrastructure. This will directly impact the construction companies of Dubai and Abu Dhabi real estate sector as they will get major share of projects.
The growth of construction sector can also be estimated by looking at the record breaking buildings of Dubai. In the fourth quarter of 2011 world's tallest residential building will be completed. The princess tower located at Dubai Marina is 107 storey high and will break the record of world's tallest residential building. These types of buildings are the avid proof of the conditions of construction companies located in Dubai. When the slump hit, Dubai real estate market was on its peak and the major reason of slump was oversupply of completed projects. The supply was increased and the demand decreased. Now as the market is stabilizing itself, the demand is also started to increase in a steady manner. This will ultimately push the construction companies to start the construction works again.
Besides all this, government of Dubai is also encouraging the construction companies by introducing different rules and laws to protect Dubai property market in future. According to reports government has funded one fifth of total value of all completed projects in the year 2010. Different property experts are of the view that the coming years will prove to be the pre-booming years of construction sector as well as of Dubai property market. The whole discussion above shows some positive signs about the construction sector of Dubai and it all tells that Dubai still hold the potential to gain its lost regime.
William King is the director of Property in Dubai, Abu Dhabi Property and Dubai Real Estate. He has 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.
Article Source: http://EzineArticles.com/?expert=William_King
This article has been viewed 5 time(s). Article Submitted On: February 22, 2011
While the last year has been relatively rough sledding for the commercial real estate market, gains in underlying economic factors should lead to a gradual improvement in the coming months.