Dubai set to become crane capital of world: Chesterton
Chesterton, the international property agency established in 1805, stated that the skyline of Dubai is set to change with construction industry expected to gather further momentum in 2014. Construction cranes have dotted the Dubai skyline and are seen to herald the economic growth.
With a major build-up of momentum in the real estate activity, cranes have made their presence felt in the construction industry. Dubai was once home to almost 25% of the world’s cranes during the height of the property boom and now is set for the revival era of the construction industry.
Simon Gray, Managing Director, Chesterton MENA stated that, “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 equipments is on a steep rise as a result of the construction activities in the region peaking once again post the EXPO2020 win phase.”
“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,” added Simon.
Chesterton with its Middle Eastern headquarters in Dubai offers a full range of property services, including residential and commercial sales and leasing. In addition, the company provides professional property valuation services together with the valuation of plant and machinery. Chesterton MENA also has a very active international sales division, based in Dubai, specializing in the sale of prime, Central London residential apartments and houses to investors from across the entire MENA region.
“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 the geographical location, positions Dubai as one of the best cities in the world to live and do business,” added Simon.
“We entered 2014 with a lot of optimism and positivity spurred by last year’s industry performance and Expo 2020 win. 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. Construction cranes which used to be scarce in the recession period have begun to populate the Dubai skyline as demand for office and residential properties have boomed sky-high. We expect residential market to stabilise after a rapid growth over the last year, rentals however, could still see significant growth. Developments located in secondary areas such as Dubailand are expected to see higher growth. An extension of the red line of Dubai Metro could see increases in property values across the railway route,” further added Simon.
Chesterton MENA recently received the ‘Highly commended property consultancy in Dubai’ award during the recently held 2013th edition of Arabian Property Awards. The Arabian Property Awards is part of the ‘International Property Awards’, the world’s most prestigious competition dedicated to finding the best real estate professionals across the globe.