UAE's building projects' value reaches $228bn in H1 2017
The number of active residential and commercial building projects exceeds 7,488 in June 2017, report
The combined value of 7,488 active building projects reached $228bn (AED 836.76bn) by June 2017.
Active building projects constitute all types of commercial and residential buildings, but not catering to education, healthcare, hospitality, retail sector which are in concept, design, tender, under construction or on hold, according to BNC Network.
Of these, 1,059 building projects belong to the high-rise category rising above 15 floors, with a combined project value exceeding $100bn (AED 367bn).
The number of mid-rise projects with floor levels of 4-14 storeyed buildings is 2,483 projects with a value of $66bn (AED 242.22bn) while the number of low-rise projects stood at 3,946 with a value of $61.9bn (AED 227.12bn).
The building projects constitute 82% of all active projects in the UAE's urban construction sector and in dollar terms these projects account for 44% of the total estimated value.
BNC Network CEO Avin Gidwani, said: “The strong project pipeline is a reflection of the healthy construction sector, despite weaker global economic growth scenario – an indication that the UAE real estate and construction sectors are defying the global trend.”
“While the lower oil price might have dampened the investor appetite, developers and contractors are going ahead with building projects as planned.
"A number of these buildings are being developed to meet the anticipated rush during the Expo 2020 mega exposition.”
The latest BNC Intelligence report shows, 5,276 projects, worth $99.4bn (AED364.79bn) are currently under construction and tendering phase.
In June, the number of building projects in the UAE increased by 3% as compared to May, 2017, but in dollar terms, there has been no significant movement.
A total of 292 building projects with a combined estimated value of $3bn (AED11 bn) were completed during the month.
BNC is currently tracking 25,324 live construction projects with a value exceeding $7.2tn (AED26tn).