{"id":72774,"date":"2024-12-30T13:55:35","date_gmt":"2024-12-30T10:55:35","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=72774"},"modified":"2025-11-26T00:19:36","modified_gmt":"2025-11-26T00:19:36","slug":"%d9%82%d8%b7%d8%a7%d8%b9-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d8%a7%d8%aa-%d8%a8%d8%af%d9%88%d9%84-%d8%a7%d9%84%d8%ae%d9%84%d9%8a%d8%ac-%d9%81%d9%8a-2024-%d9%86%d9%85%d9%88-%d9%82%d9%88%d9%8a-%d9%88","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/72774\/","title":{"rendered":"The GCC Real Estate Sector in 2024 Strong growth and a promising outlook"},"content":{"rendered":"

witnessed Sector<\/strong> Real estate<\/a> The Gulf Cooperation Council (GCC) countries experienced a dynamic year in 2024, as real estate prices rose significantly due to increased demand in the hospitality and retail sectors. The influx of international visitors to the UAE, Saudi Arabia, and Qatar helped boost tourism and retail performance, while office spaces maintained high occupancy rates. Experts expect this trend to continue in 2025, according to a report by AGBI.<\/p>\n

Saudi Arabia: Real Estate Growth Amid Housing Challenges<\/strong><\/span><\/h4>\n

The \u201cVision 2030\u201d program has contributed significantly to reshaping The Saudi Real Estate Market<\/a><\/strong>... Riyadh saw a 31% increase in residential unit sales during the third quarter of the year, driven by a rise in the influx of expatriate workers amid economic growth.<\/p>\n

Residential apartment projects under the freehold system and affordable housing initiatives have also achieved great success, particularly those implemented by the \u201cNational Housing Company.\u201d Despite rising land prices and construction costs, prices for villas and apartments in Riyadh rose by 5% and 4%, respectively.<\/p>\n

The office sector also saw a rise in occupancy rates and an increase in rents due to limited supply, while the hospitality sector flourished thanks to a 27% increase in the number of international visitors between January and September. However, shopping centers in non-central areas struggled to meet the growing demand.<\/p>\n

According to Imad Damra, CEO of Colliers in Saudi Arabia, demand for mid-range to high-end housing and premium office space is expected to continue as the population grows and multinational companies are attracted to Riyadh.<\/p>\n

UAE: A Historic Year in the Real Estate Market<\/strong><\/span><\/h4>\n

The real estate market in the UAE exceeded expectations in 2024, setting record levels for transaction volume and property prices, particularly in Dubai and Abu Dhabi. Dubai set records for home sales, mortgage applications, and prices for office and warehouse space, with properties under construction being the most actively traded in the market, according to the CBRE MarketView Report.<\/p>\n

In Abu Dhabi, sales of completed properties rose by 51.1% in the third quarter on a year-over-year basis, and office space prices increased by 15.3%, while rents in central areas rose by 25.6%, according to the ValuStrat Research Report.<\/p>\n

In Ras al-Khaimah, the development of the \u201cWynn\u201d resort has contributed to increased construction activity, thereby strengthening the emirate\u2019s position as a new and growing tourist destination.<\/p>\n

Qatar: Stability Amid Mixed Performance<\/strong><\/span><\/h4>\n

Qatar\u2019s real estate market remained stable in 2024, with the gap between luxury properties and their more affordable counterparts widening. Luxury offices, high-end apartments, and upscale shopping centers saw strong demand, while older properties suffered from declining occupancy rates.<\/p>\n

Despite higher interest rates at the beginning of the year, the market saw strong mortgage activity during the first half, which gradually declined in the third quarter as interest rates fell.<\/p>\n

As for the tourism sector, Qatar\u2019s hospitality industry has seen a marked improvement thanks to projects such as \u201cSimsima,\u201d and the establishment of the General Authority for Real Estate Regulation and the modernization of property laws are expected to attract more foreign investment by 2025.<\/p>\n

Oman: A Market with Mixed Performance<\/strong><\/span><\/h4>\n

Oman\u2019s real estate market faced challenges in 2024 due to the impact of high interest rates on real estate activity, which led to a 13% year-over-year decline in apartment prices, while villa prices saw a slight increase of 2.5%.<\/p>\n

Nevertheless, analysts are optimistic about the future of the real estate market in the Sultanate, pointing to an improved investment climate and the Sultanate\u2019s appeal to expatriates.<\/p>\n

Bahrain and Kuwait: Diverging Real Estate Trends<\/strong><\/span><\/h4>\n

In Bahrain, real estate transactions rose by 18% in the third quarter, indicating a market recovery despite an oversupply. However, Bahrain faces intense competition from the UAE and Saudi Arabia, which has diminished its standing as a financial hub.<\/p>\n

In Kuwait, the issue of housing affordability has emerged as one of the main challenges, prompting the government to impose restrictions on home ownership. Although residential real estate sales improved in the third quarter, prices continued to decline for the sixth consecutive quarter.<\/p>\n

Data from the National Bank of Kuwait indicated that real estate prices in Kuwait City are among the least affordable in the Gulf, while commercial real estate sales declined after a strong performance in the second quarter.<\/p>\n

Outlook: Continued Growth Despite Challenges<\/strong><\/span><\/h4>\n

As we enter 2025, growth is expected to continue in high-demand sectors such as tourism, luxury office space, and upscale housing, despite global economic challenges and shifting consumer behavior. Governments in the Gulf states are seeking to boost investment in non-oil sectors and increase the appeal of real estate markets to both foreigners and locals alike.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 3<\/span> Minutes<\/span><\/span>The real estate sector in the GCC saw a dynamic year in 2024, with property prices increasing significantly due to high demand in the hospitality and retail sectors. The influx of international visitors to the UAE, Saudi Arabia and Qatar boosted tourism and retail performance, while office space maintained high occupancy rates. Experts expect this trend to continue in 2025, according to ... 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