View of part of the Fujairah Corniche and the Hajar Mountains in the Background

Thursday, June 12, 2008

UAE Unaffected by Global Property Recession

In the global ‘meltdown’ caused by rising inflation, oil and food prices, a real estate report indicates that the UAE seems to have bucked the prevailing trend.

Gowealthy.Com reports:

“The UAE economy attained an overall growth of 7.4% in 2007 over 2006. Oil revenues averaging $69.1 billion constituted 35% of the UAE GDP in 2007, but it was the non-oil sectors, mainly real estate and construction that made a major impact, accounting for 65% of the Gross Domestic Product.”

“As the UAE economy develops, its real estate sector has blossomed into an attractive investment market, offering solid returns. Dubai is currently one of the world's top ten expensive commercial property markets, according to a report by CB Richard Ellis. “

Further information:
Gowealthy.Com., 12 June 2008.

Dr. Geoff Pound

Image: Dubai: “one of the world's top ten expensive commercial property markets.”