GCC real estate sector to grow with projects worth $1.68 trillion in 2024

Photo by Mubaris Nendukanni on Unsplash
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The real estate sector in the Gulf Cooperation Council (GCC) countries has been witnessing remarkable growth since the beginning of 2024. The total value of real estate projects currently planned or under construction stands at an estimated $1.68 trillion, up from $1.38 trillion in 2023, according to the CBRE Group’s latest report. This growth is being driven by government initiatives and strong investor demand, particularly in the UAE and Saudi Arabia.

Key Growth Drivers:

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  • Government initiatives and strategies: The implementation of various policies by GCC governments has played a crucial role in stimulating real estate growth and increasing demand from both local and international investors.
  • Leading markets: Saudi Arabia and the UAE are leading the growth in the region. Investment and business initiatives in these countries have resulted in increased real estate occupancy and demand for different types of properties.
  • Infrastructure development: The continuous development of infrastructure across the GCC countries is supporting their economic diversification efforts and has also contributed to a noticeable increase in real estate activity over the past few years.

Project Value Distribution:

  • Saudi Arabia: 63.1% ($1.06 trillion)
  • UAE: 24.4% ($409 billion)
  • Oman: 5.2% ($87 billion)
  • Kuwait: 3.2% ($54 billion)
  • Qatar: 2.9% ($48 billion)
  • Bahrain: 1.3% ($21 billion)

The booming real estate market in the GCC presents a positive outlook for investors and economies alike. Infrastructure development, government strategies, and rising demand are shaping a promising future for the sector.