The value of major real estate projects launched in the United Arab Emirates since the beginning of the current year amounted to AED111 billion.
In 2014, the total value of property projects stood at AED110bn for the whole year, according to data compiled and published by Al Bayan.
Meanwhile, in 2015, the total number of property development ventures stood at 26 – mainly in Abu Dhabi, Dubai and Sharjah.
The huge pickup in real estate activity is a culmination of strides that UAE has been making since the global economic downturn in 2008.
Thirteen real estate developers are playing a major role in establishing new multi-use properties across the country.
Most notable is the wasl Asset Management Group, established by Dubai Real Estate Corporation, which has launched four key real estate development projects at a total value of AED40bn.
The Abu Dhabi Urban Planning Council (UPC) approved 26 development ventures spanning a total gross floor area of more than 2.3 million square metres during the second quarter of the current year – up from the 708,999 sq m recorded in the first quarter.
The number of projects approved was also up by just under 25 per cent quarter-on-quarter.