Saturday, January 28, 2006

Dubai real estate to experience robust growth in 2006.


Dubai real estate is experiencing a tremendous growth and wide expansion because it's supported by factors like the UAE's surging economy, the liberalization of freehold property ownership and the increasing number of foreign companies setting up operations in the country.
Mr. Mohamed Ali Alabbar, Chairman of Emaar Properties and Director General of the Dubai Department of Economic Development (DED) said, "The property market will witness robust growth in 2006." Backed by the nation's surging economy, the liberalization of freehold property ownership and the increasing number of foreign companies setting up operations in the country the real estate would continue to grow, he said in a sessioin at the annual meeting of the World Economic Forum (WEF) currently being held in Davos, Switzerland.

Another important factor that adds to the real estate boom is because of the continued investment in residential property by the younger generation in the nation due to the increase in rents at a very high percentage.

The investor optimism in the region had also resulted in the Middle Eastern stock market indices witnessing sharp average growth of 80 per cent in 2005, he added.

Mr. Alabbar was speaking at the session entitled "When the Bubble Bursts". Other panelists at the session included Stephen Roach, Chief Economist, Morgan Stanley, Robert Shiller, Professor of Economics at Yale University, and Barry Sternlicht, Chairman and CEO of Starwood Capital Group. The session was moderated by Pamela Woodall, Economics Editor of the Economist.

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