Total value of real estate projects under construction in the GCC is more than USD 2.39 trillion

Total value of real estate projects under construction in the GCC is more than USD 2.39 trillion

DubaiFocus offers comprehensive and up-to-date information on property investment deals within Dubai real estate market
February 23, 2009

The total value of real estate projects under construction in the GCC is more than USD 2.39 trillion, reports FutureBrand - a REIDIN.com Information Partner. In addition, investments from across the GCC into the Dubai real estate market have crossed AED 5 billion in 2008, thereby underlining the emirate’s strong pull among regional real estate players and its role in driving the UAE’s position in global land sales rankings, where it currently holds the fourth highest spot. A comprehensive collection of reports and data on real estate deals and transactions within Dubai is being offered by REIDIN.com, the world’s first and leading global online information services provider, through its product ‘DUBAIFocus’, the first exclusive online information product that tracks real estate deals and transactions in Dubai.

In 2008, the UAE has accounted for 5.8 per cent of worldwide land sales, which also reflected an increase of 1.348 per cent since 2007, according to FutureBrand. The highest total GCC investment into Dubai came from the Saudi Arabian investors, who pumped over AED 2 billion into the market, followed by Kuwaiti investors, who have shelled out more than AED 1 billion. Although a distant third, Omani investments into the Dubai real estate sector have topped AED 818 million, which is followed by Bahraini and Qatari investors, who have injected AED 615 million and AED 117 million respectively into the emirate’s property market. Despite a projected slowdown on the UAE economy’s growth from an expected 7.7 per cent in 2008 to 1.5 per cent in 2009, real estate investments are still continuously being funnelled from various GCC countries, which indicate strong consumer trust in the market.

With an ever-growing repute as one of the top destinations for multibillion dollar developments, Dubai plays a pivotal role in the growth of the real estate market within the GCC. Although there are speculations of a drop on the GCC’s gross domestic product (GDP) in 2009 from 6 per cent to a minimal 2.8 per cent, continuous activity within Dubai’s real estate sector can still be expected due to the government’s efforts to soften the impact of the credit crunch by ensuring liquidity and supporting major developments.

According to information cited by REIDIN.com, the Dubai Government has spent about 33 per cent of its budget or USD 12 billion on infrastructure, with aims to cater to the emirate’s rapidly growing population, which welcomes a total of 25,000 people per month or 33 people per hour. With a comprehensive database dating back to 1973, ‘DubaiFocus’ provides daily information on all types of land, villa and flat deals, including sales, mortgage, lease, grant, inheritance that transpire within the emirate, with aims of addressing the unique requirements of real estate market professionals. As a testament to the credibility of its information, REIDIN.com’s exclusive partner and primary data source for this first-of-its-kind information service includes the Real Estate Regulatory Authority (RERA) and the Dubai Land Department.

“The real estate market is facing unique challenges today, with issues on liquidity and investor confidence posing significant threats to development progress and investment return promised by development companies to their customers. However, based on the trends, which we have established by looking into the extensive bank of market information at our disposal, we are positive that the Dubai property market will still be the busiest, as transactions and investments will remain comparatively high. With the USA and Europe reeling over the repercussions of the economic crisis, we predict a considerable rise in foreign investments who will be heading towards more stable regions such as the GCC, especially Dubai,” said Ahmet Kayhan, CEO, REIDIN.com.

In addition to DUBAIFocus, REIDIN.com's current products in the region include ‘INDEXFocus’ and ‘REBIS’ (Real Estate Business Information Service). As the world’s first and leading global online information services provider, REIDIN.com has entered into strategic partnership agreements with more than 70 major firms including CB Richard Ellis, Deutsche Bank Research, Pramerica Real Estate, NAI Global, ImpressMedia, ASSAP Media, EuropaProperty, HVS International, AMEinfo.com, AII, Xinhua Finance, Global Investment House, AT Kearney and the UNCTAD, to create a one-of-a-kind database that will be regarded as the most trusted source for information about the real estate sector in the emerging markets. For further information please visit: www.reidin.com.