Business | Property
Boom time for UAE property
The UAE's real estate sector will hit Dh800 billion in three years, according to the organiser of Sharjah's first property exhibition.
- Staff Report
- Published: 22:58 July 25, 2007
- Image Credit: Devadasan/Gulf News
- With Dubai's real estate sector growing exponentially, the government has introduced new legislation to regulate the market.
Dubai: The UAE's real estate sector will hit Dh800 billion in three years, according to the organiser of Sharjah's first property exhibition.
Nawwaf Mohammad Obaid, director-general of Emirates Vision, organisers of the Sharjah International Investment and Real Estate Exhibition 'Acres Middle East 2007' added that the entire Gulf real estate sector is currently worth Dh1.5 trillion.
He said Sharjah is becoming an increasingly important real estate investment destination thanks to its 'available resources and sophisticated infrastructure'.
Trade and tourism
According to statistics released from the Sharjah Commerce and Tourism Development Authority, the trade and tourism sector has gone through a major leap with the construction of new shopping malls, hotels and hotel apartments.
Figures show that 15 new hotels opened in the first half of 2007, bringing the total number of hotels in Sharjah to 89. About 1.3 million tourists visited the emirate in 2006, compared to 600,000 in 2001.
Acres Middle East 2007 is the first ever event specialised in property investment and finance to be held in Sharjah, said Obeid. The event, which will bring together property developers, investors and other related companies, will take place from December 25 to 27 at Expo Sharjah Centre.
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