The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Emirates Business
Over the past decade, the GCC region has witnessed rapid economic development and demographic changes, including the influx of expatriates, which in turn has increased the region’s overall population. This coupled with rise in per capita income has fuelled the demand for residential units in the GCC region, said Al Masah Capital, region’s leading investment firm, in a Real Estate review report.
The sector remains resilient and is expected to register growth at a slow pace in 2016 and beyond. Among all markets; Dubai, Abu Dhabi and Doha have emerged stronger owing to international projects, foreign investment flows and growing population. In addition to this, the upcoming Expo 2020 that will be hosted in Dubai and FIFA 2022 to be hosted in Doha, primarily buoyed the demand for exclusively designed amenities and world-class infrastructure spaces.
On the Real Estate Services front, this industry’s contribution to the economy has strengthened over the past decade due to an overall strong property market. The report mentions that, during 2000-09, the real estate services market grew most rapidly in the UAE among the GCC six. In UAE alone, the real estate services sector employed about 821,560 people (18.6% of the total workforce) and in 2015 the sector contributed about 13.3% to the GDP. This industry lateral encompasses of Facility Management (FM) and Property Management (PM); and both are still in its promising stage in the GCC when compared to developed markets such as Europe and North America.