Real estate demand to surge over next 3 years
The head of the UAEs largest provider of real estate finance said yesterday the Middle East will continue to witness a surge in demand for real estate over the next three years. Wasim Saifi, CEO of Tamweel, said population growth in the Middle East along with pent-up demand in countries like Saudi Arabia and Egypt are contributing to the rise of the real estate sector. On the commercial side, demand for additional commercial space is estimated at around 1.6 million square meters in 2007 and will grow at the rate of 1.5 million square meters per year over the next three years.
