01 Feb 2012
(MENAFN) A report, issued by MEED Cost Indices (MCI), expected construction costs in the UAE to fall this year, as the Gulf state’s projects market witnessed a contraction 2011, Arabian Business reported.
Construction costs in the UAE will fall by 1.3 percent in 2012, the construction industry cost tracker predicted.
The report also expected construction costs to rise again in 2013, driven by the re-launch of projects, originally planned for 2011, this year and confidence returning to the global economy, along with more liquidity flowing into the projects.
Cost of construction in the UAE rose by 90 percent in 2009 from 2001, but fell 28 percent since then following the global financial crisis and the Gulf state’s real estate market slump.
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