Year-on-year growth in Dubai’s real estate space will reach a stratospheric 60 per cent by the year end, according to a top government official.
“The market has been witnessing a remarkable boom since last year and expected to continue through to the end of this year and will extend to both the residential and commercial sectors,” Sultan Bin Mejrin, director general of Dubai Land Department told Gulf News.
The statement is interesting given that the overwhelming impression has been that much of the growth in recent months was monopolised by demand within the residential sector. Commercial real estate, on the other hand, was seen as growing in much narrow band given the excess supply as well as concerns over multiple strata title ownership.
Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, formally opened Cityscape Global 2013 as developers moved ahead with new project launches with a distinctly upstage flavour to them. The first day of the trade show witnessed a rush of new projects in Dubai and expected to reach up to Dh60 billion in value, according to exhibitors.
Source : gulfnews