Words: Ashley Rigg
Published: 29th September 2009
Middle Estate: 70% of developments are off-plan
Consultancy firm, BNC provides some interesting insights into the real estate markets of the Middle East.
BNC report that almost 70 per cent of the total registered projects in the GCC are still currently under construction with a further six per cent out to tender and 10 per cent in the concept and design stage. The figures include projects across the residential, commercial, hospitality, medical and educational categories.
The striking feature of the statistics is just how few developments have actually been completed in the region over the past few years.
The UAE alone accounts for 42 per cent of the total with projects valued at $3.1 trillion. Despite reported price falls of nearly 50% from their peak, 7,231 projects are still underway and over 1000 are in the pipeline in this year alone.
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