(MENAFN - Khaleej Times) Dubai was once home to almost 25 per cent of the world?s cranes during the height of the property boom and now is set for a revival era for the construction industry.
dubai was once home to almost 25 per cent of the world’s cranes during the height of the property boom and now is set for a revival era for the construction industry. — afp
international property agency chesterton has stated that the skyline of dubai is set to change with the construction industry expected to gather further momentum in 2014.
construction cranes have dotted the dubai skyline and are seen to herald economic growth. with a major build-up of momentum in real estate activity cranes have made their presence felt in the construction industry.
dubai was once home to almost 25 per cent of the world’s cranes during the height of the property boom and now is set for a revival era for the construction industry.
simon gray managing director of chesterton mena said: “the requirement for equipments and machinery in the construction industry is anticipated to rise further in the uae especially in dubai owing to the real estate boom. although the consolidation of activities related to the construction industry in the uae is in dubai and abu dhabi the other emirates are not far behind.”
“dubai has seen an increase in the real estate investment which is because of its predominant presence being in the centre of construction activities. the trend suggests that the indications back up the fact that there will be no respite in the increase in construction activities. demand for machinery like cranes and other related equipment is on a steep rise as a result of the construction activities in the region peaking once again post the expo 2020 win phase” gray explained.
“with the construction activities to take off dubai will once again be billed as the ‘crane capital’ of the world with several mega projects in the pipeline. we expect 2014 to be another positive year for real estate sector in the uae dubai in particular” gray added.
“we believe that the residential property market will also grow at a faster pace over the next five years as more people choose to make dubai their home. the city’s high-quality infrastructure and geographical location positions dubai as one of the best cities in the world to live and do business.”
he noted: “medium-term growth forecasts for the economy have improved business confidence as more companies plan expansion activities to take advantage of economic opportunities arising from infrastructure spending over the next five years. we expect the residential market to stabilise after a rapid growth over the last year. rentals however could still see significant growth.”