Gulf real estate sector poised for growth in H1 2024: Markaz Report
Increasing demand and supportive government policies drive growth in the Gulf real estate sector.
The Gulf real estate sector is set to witness growth in the first half of 2024, driven by increasing demand and supporting government policies, according to a report released by the Kuwait Financial Centre, also known as Markaz. The report analyzed the performance of the real estate markets in Kuwait, Saudi Arabia, and the UAE, highlighting steady to accelerated growth in the Gulf Cooperation Council (GCC) real estate sector. This growth is propelled by stable oil prices, rising real estate demand, robust economic growth, and supportive government policies.
Robust economic growth and stable oil prices drive real estate sector’s growth in Saudi Arabia
Improved economic growth expected in Saudi Arabia for 2024 driven by strong performances in oil and non-oil sectors.
The Saudi Real Estate Report anticipates improved economic growth in the Kingdom for 2024, driven by strong performances in both the oil and non-oil sectors. Real GDP growth is expected to improve by 4% year-on-year. Despite declining real estate transactions, positive indicators such as rising land prices and continued demand in the office sector contribute to the overall growth. The contribution of non-oil activities and active government spending is expected to further accelerate the performance of the real estate sector.
Stable market predicted for Kuwait’s real estate sector in H1 2024
Kuwait’s real estate sector expected to remain stable in the first half of 2024, supported by economic growth projections and stability in oil prices.
The Kuwait Real Estate Report anticipates a stable market in the country for the first half of 2024, supported by economic growth projections and stability in oil prices. Despite some challenges, such as inflation and credit growth concerns, the report expresses confidence in the stability of Kuwait’s real estate sector.
UAE real estate sector to sustain economic growth in 2024
Sustained economic growth predicted for the UAE real estate sector in 2024, supported by higher oil GDP and investor-friendly policies.
The UAE Real Estate Report predicts sustained economic growth for 2024 in the country, supported by various factors including a higher oil GDP and investor-friendly policies. The study expects continued expansion in key real estate segments, despite potential challenges like inflation and interest rate impacts.
Conclusion
The Gulf real estate sector is poised for growth in the first half of 2024, driven by increasing demand and supportive government policies. Saudi Arabia, Kuwait, and the UAE are expected to experience steady to accelerated growth in their real estate markets. With stable oil prices and robust economic growth, the Gulf region presents attractive opportunities for investors in the real estate sector.
Analyst comment
Positive: The news is positive as it indicates growth and stability in the Gulf real estate sector, driven by increasing demand and supportive government policies.
Analyst’s View: The Gulf real estate market is expected to experience steady to accelerated growth in the first half of 2024, supported by stable oil prices, rising real estate demand, robust economic growth, and investor-friendly government policies. This presents attractive opportunities for investors in the real estate sector.
