INTERVIEW: UAE real estate market to soften over next two years, says MD of Perkins+Will | ZAWYA MENA Edition:
The real estate market in the United Arab Emirates could soften in the next one to two years as a growing number of expatriates leave the country, according to the Middle East head of second largest architectural firm in the world.
“There is a drift away from the region by professional expats, which has been well-documented,” said Roger Wilson, Managing Director, Perkins+Will during a telephone interview with Thomson Reuters Projects. “There are fewer jobs and the cost of living is rising so expatriates are moving away. I expect the number of expats leaving will continue to grow and I think the market will soften.”
Expatriates account for more than 80 percent of the UAE’s population and over 90 percent of the country’s workforce, according to various reports.
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