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FINANCIAL NEWS
Housing expenditures in UAE reach USD75.4bn in 2016
02 Mar 2017
(MENAFN) The UAE consumers spent almost USD75.8bn on housing last year, which is twice the project cost of Dubai’s Business Bay.
In addition, the accommodation, spend, which also comprises housing maintenance, repair and utility costs, contains half 41pct of consumer’s whole spending.
Meanwhile, with the UAE population estimated to be at 9.2mn in 2015, each person in the UAE spends a little over Dh30.000 a year on rent.
However, the cost of renting apartments and villas in some parts of the country, especially Dubai, has been on a decline as a result of dampened demand amid low oil prices.
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MENAFN0203201700450000ID1095282458
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