The total value of building projects underway in the UAE rose to AED 836.8 bn by the end of June, invest-Gate reports.

A report released by data provider BNC Network shows that there are 7,488 residential and commercial building projects currently active in the country.

A total of 5,276 projects worth AED 364.79 bn are currently under the construction and tendering phase while 1,378 buildings worth AED 330 bn are on hold.

A total of 292 building projects worth AED 11 bn were completed during June, compared with AED 2.05 bn a year earlier.

“The strong project pipeline is a reflection of the healthy construction sector, despite [the] weaker global economic growth scenario – an indication that the UAE real estate and construction sectors are defying the global trend,” according to BNC Network CEO Avin Gidwani.

“While the lower oil price might have dampened the investor appetite, developers and contractors are going ahead with the building projects as planned,” he adds.