UAE real estate sector expanded 4.3% last year

23/09/2010 - Dubai Property News
UAE real estate sector expanded 4.3% last year

Posted by Neil King

The UAE's real estate sector grew by around 4.3 per cent in current prices last year, new figures show.

A report by the Kuwaiti-based Global Investment House (GIH) also revealed that the construction sector grew by nearly 7.9 per cent in 2009, Emirates Business 24/7 reported.

According to the data, the real estate sector's contribution to nominal GDP in the UAE increased to a record high of around AED75 billion last year, up from around AED71.9 billion in 2008.

The newspaper also observed that all non-hydrocarbon sectors recorded growth except social and personal services and domestic services, according to GIH.

Elsewhere, it was noted that manufacturing grew from around AED141.1 billion in 2008 to AED148.1 billion in 2009 to maintain its position as the second largest component of GDP in the UAE after the hydrocarbon sector.

The news comes after Bloomberg reported last week that the International Monetary Fund is set to raise its economic growth forecasts for Dubai and the UAE following various government investments and reforms.

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