Page 12 - AJMAL MAKAN PR REPORT - AUGUST 2024

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8/12/24, 1:07 PM UAE’S real estate sec or plays vital role in its eco nomic diver si ic a ion
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UAE’S real estate sec tor plays vital role in its eco nomic diver si fic -
a tion

Shar jah is cur rently emer ging as an atract ive and com pel ling pro pos i tion for

investors and res id ents due to its stra tegic loc a tion, pro-invest ment policies
and robust eco nomic growth

Gulf Today · 11 Aug 2024 · Staff Reporter,

The UAE’S real estate sec tor has been exper i en cing con tinu ous growth, which is fuelled by
eco nomic diver si c a tion e orts, gov ern ment ini ti at ives and a robust infra struc ture.

Accord ing to Statista, the coun try’s real estate sec tor plays an instru mental role in its eco -
nomic diver si c a tion strategy,redu cin gre li anceon oi l and gas rev en ues as well as con trib ut ing
up to 5.5 per cent of the coun try’s gross domestic product (GDP).
It is pro jec ted that by 2024, the UAE’S real estate mar ket will reach an astound ing value of
$0.71 tril lion. The res id en tial real estate cat egory is the largest in this industry, with a fore cast

mar ket volume of $0.41 tril lion in the same year. In addi tion, a steady annual growth rate of
3.03 per cent is anti cip ated between 2024 and 2028, with a pro jec ted mar ket volume of $0.80
tril lion. An increas ing num ber of high-net-worth indi vidu als (HNWIS) in the UAE are driv ing

up the demand for lux ury prop er ties in the real estate mar ket.
SHARJAH: AN INVESTMENT HUB: “Being the third-largest emir ate, Shar jah is cur rently
emer ging as an atract ive and com pel ling pro pos i tion for investors and res id ents who are
seek ing diverse life styles,” said Sul tan Al Shakrah, CEO of Ajmal Makan Real Estate Devel op -
ment.

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