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UAE Construction Report 2023 'Luxury Properties Will Continue to Grow in Demand'

🇦🇪 United Arab Emirates.

The "United Arab Emirates Construction Industry Databook Series - Market Size & Forecast by Value and Volume, Q1 2023 Update" as per ResearchAndMarkets.com Report “ AResearchAndMarkets.com is the world's leading source for international market research reports and market data for latest data on international markets.

The United Arab Emirates (UAE) has been leading the growth of the global construction market over the last five years. With billions of dollars spent on mega infrastructure and commercial construction projects. the Emirates is seeking to reduce its reliance on oil by becoming a major tourist destination. As a result, the investment in the construction of infrastructure and commercial projects, including resorts and hotels, is projected to grow even further in 2023.

The United Arab Emirates has experienced significant momentum in the construction of exceptional tourist destinations. With the country attracting millions of tourists, from around the world every year, commercial property developers are seeking to build on the tourism infrastructure to provide tourists with an immersive experience.

Tourism infrastructure in the Emirates: In January 2023, Modon Properties, the UAE-based construction firm, announced the launch of its Abu Dhabi desert resort, which has been developed for families and individuals that are seeking to connect with the natural landscape. The commercial construction project involves one, two, and three- bedroom villas for tourists visiting the country. US$1.36 billion for the development of roadways: To keep up pace with the rapid growth achieved by the United Arab Emirates, the government has announced significant investment towards the development of roadways over the next few years. As part of its 10-year future development plan, the government has announced an investment of US$1.36 billion to reduce congestion in the country. Through the 10-year plan, the government aims to become a global leader in developing world-class road and transport systems. This will lead to further investment in the sector, supporting the growth of the infrastructure construction market.

Luxury properties will continue to grow in demand: The demand for luxury housing units is expected to grow even further in the Emirates over the next 12 months. The influx of foreign investors, including those moving to the country due to the ongoing war between Russia and Ukraine, is expected to keep driving the demand for such housing units. Page 1 of 1

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