The real estate market of the United Arab Emirates will not recover for another three years, despite attempts by the state to stimulate economic growth, Bloomberg reports with reference to the construction company Tiger Group. According to experts of the company, the rental price in the UAE has fallen by 30% since 2016. The federal and regional government of the UAE has taken a number of measures to stimulate the economy, the growth of which slowed down after a rapid increase in the GDP of Dubai in 2017 to 112 billion dollars. Last year, the construction and real estate sector contributed 13% to the GDP of Dubai. However, the efforts made by the authorities have not yet led to an increase in prices in this sector.
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