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.
#trending #latest #RealEstateGrowth #InvestmentOpportunities #EconomicDiversification #UAEPropertyMarket #SaudiRealEstate #MiddleEastEconomy #MarketOutlook #breakingnews #worldnews #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn
This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community...Read More.
The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial...Read More.
TerraPay teams up with Dubai Duty Free to enhance shopping for 100M+ customers worldwide.
Newcastle United reached their second League Cup final in three seasons, defeating Arsenal 2-0 at St
Cristiano Ronaldo turned 40 on Wednesday, claiming the title of greatest football player with 923 ca
Meghan Markle and Billie Eilish joined hands to surprise a teen who lost all in the Eaton fire, send
HH Sheikh Mohammed chaired the UAE Cabinet meeting at Qasr Al Watan, Abu Dhabi
Family Care Authority and UAE Climate Group Host Nature-Inspired Events
This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community
12th UN-GGIM Arab States Committee Meeting Ends in Jeddah
The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial
Priyanka Chopra Stuns in Pink Diamond Necklace at Brother’s Wedding
Priyanka Chopra dazzles in floral corset lehenga and rare pink diamond necklace at her brother Siddharth's wedding
The Chedi unveils debut Dubai launch with exclusive standalone residences
These homes offer villa-sized layouts with 3.2-meter high ceilings, private entrances, and large terraces with stunning panoramic views of the Dubai skyline
Kasco Developments launches its third residential project in Dubai
Located along Al Jaddaf Waterfront, Volna is an 11-floor building with 65 well-designed homes
Google unveils Thinking model with Gemini after OpenAI, DeepSeek
Google has launched the Gemini 2.0 Flash Thinking Experimental model for app and desktop users
Google Stops Diversity Hirings After Trump's Sledgehammer on DEI Policies
Google stated it is reviewing Trump’s policy changes, which aim to limit DEI efforts in the government and among federal contractors
Ozzy Osbourne to reunite with Black Sabbath after 20 years apart
Black Sabbath's original lineup, featuring Ozzy Osbourne, will reunite for a one-off concert in Birmingham, England, on July 5, marking their first performance
UAE Top Bank FAB Surpasses Q4 Revenue Estimates with Strong Performance
First Abu Dhabi Bank (FAB), the UAE's largest lender by assets, exceeded fourth-quarter profit forecasts on Thursday, fueled by a strong double-digit revenue gr
Oscars Frontrunner ‘Emilia Perez’ Faces Major Setback in Award Season
After a record number of Oscar nominations, ‘Emilia Perez’ faces scandal due to past social media posts by star Karla Sofia Gascon.
3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE
+971 52 602 2429
info@dxbnewsnetwork.com
© DNN. All Rights Reserved.