Latest forecasts predict outlook for the emirate even gloomier than the UK's 6-9% drop
Last week, we published our latest forecast for UK tender price inflation, in which we predict tender prices to decline by a further 6-9% this year and another 3-5% in 2010, due to increased competition as jobs complete and contractors chase a dwindling supply of work, as well as lower building material prices.
But it is not only the UK market that is seeing lower construction costs and declining tender prices. In the Middle East or more precisely in the UAE - Dubai and Abu Dhabi - the picture is similar.
This article continues at Maren Baldauf-Cunnington's
