RITIKA SHARMA / EMIRATES BUSINESS
United Arab Emirates’ real estate market is likely to be resilient and register robust growth despite the slump in oil prices. Enthused with upcoming mega events such as ‘Dubai Expo 2020’ and ‘Qatar FIFA World Cup 2022’, region’s real estate industry is to undergo a full-bodied growth by the end of 2016, experts claim.
According to reports released ahead of the upcoming Cityscape event, the UAE market is poised to grow at a Compound Annual Growth Rate (CAGR) of 6.4 percent from 2015-2019 with rising population being the main growth driver.
David Dudley, International Director at JLL MENA and one of the main participants in the upcoming Cityscape, says that while the impact of reduced oil prices on the economy will lead to a short-term slowdown in demand, this is occurring at a time of minimal supply completions leading to relatively stable market conditions.