Up until the second quarter of this year, “growth” was the only word that would come to one’s mind when referring to the UAE’s real estate market. Surging demand, accompanied by a high level of liquidity and top market performance were a perfect combination to rank Dubai and Abu Dhabi as two of the fastest growing cities in the world. Additionally, the population growth triggered an ever rising demand on property. According to the Ministry of Economy, the UAE population is projected to grow by 6.12% in 2008, reaching 4.76 million people, compared to 4.48 million in 2007. Next year, the growth rate is expected to rise to 6.31%, causing the population to cross the 5- million mark. According to Future Brand’s Gulf Real Estate 2008 report, the UAE currently claims 5% of worldwide real estate sales, increasing by 1.35% since 2007. The report also stated that 25,000 people per
