Business | General
Large-scale projects make GCC world's fastest-growing real estate market
New figures reveal that the GCC region boasts the world's fastest-growing commercial real estate market with an increase of 565 per cent measured since 2000 and it is predicted that large-scale developments, such as the newly opened Fakhruddin Mall in Ajman, will form a significant percentage of this market, which is expected to increase to seven times its size in the decade leading up to 2010.
- Staff Report
- Published: 23:46 September 3, 2008
Dubai: New figures reveal that the GCC region boasts the world's fastest-growing commercial real estate market with an increase of 565 per cent measured since 2000 and it is predicted that large-scale developments, such as the newly opened Fakhruddin Mall in Ajman, will form a significant percentage of this market, which is expected to increase to seven times its size in the decade leading up to 2010.
The retail sector alone is estimated to be worth $100 billion and is second only to the oil industry in terms of its importance as a driving force behind the GCC's booming economy. These figures, combined with an estimated retail spend in Dubai's shopping malls that will exceed $7.5 billion in 2009, make it the ideal time for investors and developers to bring new mall developments online.
Commenting on the figures, Fakhruddin's CEO, Mr. Yusuf Fakhruddin, said: "The GCC region's commercial real estate market has been going from strength to strength for some time now and developers are riding this wave of success by initiating many new developments. It is good news for everyone in the region, from consumers who will shop at the new malls, to international brands who want to set up premises in the region and investors, who will achieve excellent returns due to the buoyant market.
The Fakhruddin Mall is one of the largest in the UAE and boasts a huge market complex, a variety of different galleries housing every conceivable type of shop, cafe and a wide range of restaurants and eateries to cater for every taste and budget.
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