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Abu Dhabi building material costs fall 60 pct

Maktoob Business
Abu Dhabi building material costs fall 60 pct - Abu Dhabi - Building - material prices - dropped - construction - UAE

Building material prices in Abu Dhabi dropped by more than 60 percent in June in line with commodities becoming cheaper globally in the economic downturn, the Statistics Centre of Abu Dhabi said.

The centre said its index of most basic items used in the construction sectors shows prices fell 61.3 percent in June compared with the previous month, state news agency WAM reported.

“The index shows that the building materials sector had been very volatile over the past few months, with noticeable prices variations,” WAM said.

Raw material prices in the UAE have fallen dramatically from their mid-2008 peaks due to the slowdown in the construction sector and fall in global commodity prices amid the global economic downturn.

The once-booming sector has been hit hard by the fallout from the economic downturn, which has caused property prices to collapse and billions of dollars worth of projects to be cancelled or put on hold.


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