Construction as a market has been growing significantly due to the need for countries to develop and improve their economies. This has resulted in a major boom in construction and real estate in the form of modernized skyscrapers and high rises. To add further; there is a need for commerce and trade which has created a demand for office and land spaces. This is due to the growth of financial and commercial establishments in developed and developing countries.
Many research reports have stated that countries in the Middle East have started making huge arrangements in terms of infrastructure developments to adhere to the needs of the upcoming events such as the Expo 2020 in Dubai as well as to diversify their economic activities and embrace innovation. This has not only attracted huge government investment but has also received a lot of interest from the private sector. These investments are expected to drive the development of high-end hotels, modernized towers, projects for leisure purposes and other facilities by the private sector which will, in turn, attract tourism and other business opportunities into these countries.
Construction costs in addition to land are much higher in most developed economies as compared to the Middle East and African countries. This is mainly due to the recent surge in competition as well as the easy availability of laborers which results in low wages. A report by UK Firm “Turner and Townsend” has stated that construction cost in the United Arab Emirates (UAE) is $1455 / square meter as compared to $3736 in San Francisco and $3617 in London due to these very reasons.
Due to the above reasons, it is evident that real estate and construction has not only reformed over the years but also has a good and promising future. With the ever-changing trend of real estate, lifestyle standards of people, high government spending and private participation, need for infrastructure development, economic growth of countries and multiple opportunities available; the construction industry provides a rewarding and high income generating opportunity.
Trust Corner assists you not only to cater to this sector’s growth but also provides you numerous prospects for investment.