UAE property developers grow by 1,500%

The UAE‘s real estate market has seen an average company growth rate of 1,200 to 1,500 per cent in the last eight years, it has been revealed.

Statistics have been released showing the full extent of the region’s property boom, with Dubai and Abu Dhabi leading the way.

Real estate giant Fakhruddin Group said figures from Dubai‘s Real Estate Regulatory Authority (RERA) and the Dubai Land Department reveal the number of developers and related companies in the two emirates has risen to 4,047.

Fakhruddin Properties director Ali Fakhruddin said:

“The real estate sector is attracting the attention of investors from all over the globe, due in large part to the composed projects and environment that the market provides for investment.”

He added a Manpower survey had also revealed the UAE was rated the sixth most popular work destination, and number one for workers already based in the Middle East.

The 2008 Index of Economic Freedom ranks the UAE economy as 63rd, with a percentage score of 62.8 per cent.

Last month it was revealed property prices in some parts of Abu Dhabi have rocketed by more than 100 per cent thanks to high demand and short supply.

Gulf News reported areas such as Al Raha Beach, an area developed by Aldar Properties, is among the sites experiencing the huge growth.

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