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GCC real estate sector to grow $1.68 trillion projects in 2024: Report.


The real estate sector in the Gulf Cooperation Council (GCC) countries has experienced significant growth since the onset of 2024. According to the latest report, the total value of real estate projects planned or under construction in the region has surged to an estimated $1.68 trillion, marking a substantial increase from $1.38 trillion recorded in 2023. This growth is attributed to the proactive initiatives and strategies implemented by GCC governments, driving increased demand from both local and international investors.

The recent CBRE report highlights that the United Arab Emirates (UAE) and Saudi Arabia stand out as key drivers of real estate sector growth in the region. The implementation of investment and business initiatives in both countries has fueled heightened real estate occupancy and demand across various unit types.

Furthermore, ongoing infrastructure development projects in GCC nations have supported economic diversification efforts and contributed to a noticeable uptick in real estate activity in recent years.

Saudi Arabia leads the growth trajectory, accounting for 63.1 percent ($1.06 trillion) of the total value of real estate projects in the GCC. Meanwhile, the UAE follows closely, representing 24.4 percent with $409 billion worth of projects. Oman accounts for 5.2 percent at $87 billion, Kuwait at 3.2 percent with approximately $54 billion, Qatar at 2.9 percent totaling $48 billion, and Bahrain with $21 billion, contributing 1.3 percent to the total value of real estate projects.

In its latest market outlook report for the Middle East, CBRE Group forecasts continued growth in the GCC's real estate sector, projecting positive contributions to economic expansion. The report underscores that market performance will be driven by demand dynamics and constrained supply.

CBRE anticipates a robust growth rate of 2.9 percent for the non-oil sector in the GCC, with the UAE poised to maintain its growth momentum. Government-led initiatives have created a conducive environment for the development of diverse real estate projects in the country. Additionally, CBRE expects sustained growth in Abu Dhabi and Dubai, particularly in the luxury real estate segment.

In Saudi Arabia, the proliferation of leisure-based initiatives is expected to diversify demand and stimulate weekend activity. Bahrain, on the other hand, is forecasted to witness an uptick in occupancy rates for affordable properties, according to CBRE Group's projections.

March 21, 2024 3:28 p.m. 14546

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