UAE real estate expected to grow: Sheikha Lubna Al Qasimi
Sheikha Lubna Al Qasimi, UAE Minister for Foreign Trade said that UAE has become a preferred venture for real estate investments in the Middle East at the Asian International Investment and Property Show 2008 that concluded in Seoul, South Korea. She stressed on the Asia's rapidly expanding real property sector and the UAE's emergence as a major regional industry player.
Sheikha Lubna said, "Amidst today's volatile financial markets, Asia has emerged as a prime investment platform, particularly in the field of real estate development. This prospering and dynamic region offers great incentives to developers and investors with the right vision and motivation".
Sheikha Lubna said that the UAE's real estate and construction sectors are expected to grow at around 24.4% and 21.6% respectively in 2010, combining to contribute 23% to the national economy. UAE also has the highest per capita on construction worldwide with almost 6,000 construction companies currently operating within our country.
Data indicates that investments in real estate sector, which included real estate and fixed residential and commercial properties, constitute about 54% of total real estate assets and properties in the world, valued at about $62 trillion.
