The massive projects include skyscrapers, residential towers, and hotels all with imaginative designs, paint an image of UAE’s success in becoming a model of urban planning
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The architectural boom taking place in the United Arab Emirates is ushered in by prosperity and development in the real estate sector, paralleled with the world’s most developed nations.
The massive projects include skyscrapers, residential towers, and hotels all with imaginative designs, paint an image of UAE’s success in becoming a model of urban planning.
Global reports bear witness to UAE’s architectural development, as real estate service company JLL recently reported that total value of current construction projects is estimated at USD 590 billion; a considerable leap in the sector.
Lately, the UAE accomplished a number of iconic architectural feats, including Etihad towers, Capital Gate or the leaning tower of Abu Dhabi, Al-Dar building, Sheikh Zayed Grand Mosque, Museum of the Future and many more.
By the end of this year, the real estate market value would reach AED 2.6 trillion (approx. USD 707 billion), specialized German data platform Statista indicated.
It attributes this extensive growth to mounting interest of high-income affluent individuals in Emirati real estate investments.
Official data from municipal and transport department in Abu Dhabi showed that real estate transactional services in 2024 Q1 reached around AED 15.9 billion (approx. USD 4.3 billion), with some 5,127 transaction of varying natures achieved, reflecting versatility of Emirati market.
The Abu Dhabi real estate scene is reinvigorated by government stimulants, and high quality projects, that not only appealed to investors but also boosted the state’s global standing in the market.
As for trading volume in Al-Sharjah, it increased by 35.6 percent compared to same period of previous year prompted by an exponential growth of transactions with 10,809 in first half of 2024 as opposed to 6,592 in same period of 2023.
These results are considered the highest since 2012, as the Emirate of Sharjah achieved notable leaps appealing to the interest of investors and gaining their trust in its real estate market supported by a variety of benefits exclusive to the Emirate.
Residential units in Dubai grew by 6,600 brand new unit in the first half of this current year, taking total to 736,000 units with expectations of 20,000 more by end of year.
According to local data 50,000 new investors came into the market and real estate transactions achieved AED 357 billion (approx. USD 94 billion), marking 23 percent of growth. (end) skm.aai
- Emirate of Abu Dhabi
