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Sunday, Mar 03, 2024

Gulf Real Estate Set for Growth in Early 2024, Markaz Report Predicts

Gulf Real Estate Set for Growth in Early 2024, Markaz Report Predicts

The Gulf real estate market is expected to expand in the first half of 2024, with demand and supportive government initiatives fueling the upturn.
The Kuwait Financial Centre (Markaz) reports promising growth across Kuwait, Saudi Arabia, and the UAE.

Steady oil prices, heightened demand, sound economies, and encouraging government stances are factors set to catalyze growth in the Gulf Cooperation Council's real estate domain.

Markaz, prioritizing current, dependable market knowledge for investors, explored late 2023's sector performance and projected trends into early 2024.

The Markaz Real Estate Macro Index Scores showcase an upward tendency for Kuwait, UAE, and Saudi Arabia, with ratings of 2.9, 3.8, and 3.55, reflecting consistency and slight improvement when compared to the previous year.

The studies consider vital economic signals, such as GDP expansion, government budgets, investment activity, inflation rates, and population growth.

In particular, the Saudi real estate market is set for a fruitful 2024 based on oil and diversified sector advancement, with real GDP growth projected to hit 4%. Despite a downturn in property deals, indicators like land valuation increases and office space demand present a promising picture.

Saudi Arabia's economy is poised to benefit from higher oil demand, modest inflation, and low unemployment, with non-oil industries and proactive government expenditure further bolstering this trend.

Real estate transactions in Saudi declined by 11.3% by September 2023, but residential land prices nudged up by 1.2%, lifting the real estate price index by 0.7%. A slump in residential dealings has been attributed to steeper mortgage rates and fixed property values.

The office market outlook remains bright into 2024, driven by global companies establishing regional bases in the area.

Forecasts anticipate a vigorous surge in Saudi Arabia's real estate sector for early 2024, underpinned by steady growth in non-oil industries, a thriving hospitality scene, and increased spending on infrastructure.

Kuwait's property market is likewise expected to remain robust in the same period, abetted by economic upswing and stable oil prices, despite some inflation and credit growth pressures.

The UAE's real estate predicts ongoing economic expansion for 2024, with the prosperity of key sectors persisting despite potential hurdles such as inflation and the impact of interest rates.

Markaz, established in 1974, is a key player in asset management and investment banking in the MENA region. Its pioneering approaches have broadened investment vistas for market participants.

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