Dubai real estate 'will grow'

27/12/2008 - Dubai Property News
Dubai real estate 'will grow'

The Property market in Dubai will continue to grow in 2009 despite wider economic troubles, according to investors and real estate experts.

A new report from Zawya has forecast that property in Dubai will continue to deliver strong investment returns over the course of next year, backed by the country's strong economy.

Economist Dr Ahmed Al Banna commented: "The UAE economy is strong and this is represented in strong demand for housing and commercial units as a result of population growth, especially in Dubai and Abu Dhabi."

Meanwhile, Khalfan Al Kaabi, head of the Construction Committee of the Abu Dhabi Chamber of Commerce and Industry, insisted that drops in the price of building materials would also help to support the development of government building projects.

In a separate report published earlier this month, Zawya also claimed that steel demand in Gulf Cooperation Councils will grow by 14.5 per cent in 2009 as development of commercial and residential property in Dubai continues apace.