UAE: 4.1% growth posted by real estate sector
According to Al-Bayan newspaper (July 24, 2005), a recent report by the National Bank of Dubai shows that the volume of spending on the real estate sector in the UAE is still too high. The report estimates the spending on real estate at Dh 30-35 billion annually. It added that Dubai control 70% of this spending volume. The report also revealed that the real estate sector in the UAE had witnessed an average 4.1% growth level and contributed 16.5% of the Emirates GDP in 2004. It forecasts the demand for real estate in the UAE to maintain its upward trend in the future.