GCC real estate market set for post-pandemic recovery

GCC real estate market set for post-pandemic recovery

The real estate market in the GCC region is poised for continued post-pandemic recovery and sustained growth in 2022, according to a report by Kuwait Financial Centre (Markaz).

The series of reports also analyze the performance of the Mena real estate sector in H2-2021 and outline the major reforms, events, and developments influencing new and emerging trends, stated Markaz in its 'Real Estate 2022 Outlook' reports for Saudi Arabia, Kuwait, and the UAE.

The reports were prepared based on the ‘Markaz Real Estate Macro Index’ to help investors identify the current state of the GCC real estate market through various economic indicators such as oil and non-oil GDP growth, inflation, new job creation, population growth, among others.

According to the report, GCC real estate sector will experience a noticeable rebound and stability in 2022 due to varying factors ranging from overall economic growth to supportive government measures.

On the Saudi market, the Markaz report said the growth of the kingdom’s real estate sector was mainly driven by sustained economic momentum, government spending on Vision 2030 infrastructure projects, and robust oil prices.

The 0.5% rise in real estate prices due to the 1.3% year-on-year increase in residential and land prices during Q3-2021 signifies the sector’s solid