Along with Singapore and Brazil, the UAE is expected to be the highest climber over the coming decade as its built asset wealth is expected to grow by 2 per cent, moving the country up two places to 23rd in the global rankings.
This was revealed by Flash Properties, a leading regional real estate company, based on recent findings of the Global Built Asset Wealth Index, which quantifies the accumulated wealth of 30 countries’ built assets and is conducted by EC Harris in conjunction with the Centre for Economic and Business Research.
According to this Index, when it comes to built asset wealth per person, the UAE comes 12th in the global rankings, with an estimated built asset wealth of US$122,809 per person, while Saudi Arabia is in the 15th place with US$72,861.
The rankings were highlighted on the sidelines of the announcement by Flash Properties of its high-profile participation in Cityscape Global, the Middle East’s largest and most influential international real estate event, taking place from 8-10 October 2013 at the Dubai World Trade Centre.
“The recent finding of Global Built Asset Wealth Index by analyzing the accumulated wealth of 30 countries’ built assets – encompassing all the property and infrastructure that contributes to economic productivity – is a true indicator of the great potential of the UAE’s real estate market. The country is investing aggressively in its built environment and this opens the door wide for more sustained growth of the real estate market,” Tanzeel Gader, CEO, Flash Properties said.
“With more than AED 5.5 billion worth of transactions recorded by the current Dubai real estate market, is appears that 2013 will be the year of revival for real estate industry, on the back of renewed confidence of global and regional investors.”