Hinting at positive growth rates for the real estate markets in the GCC, Al Masah Capital published its report announcing a booming GCC economy at $1.65 trillion in 2014 compared to $535.7 billion a decade ago.
The reports were in comparison with global real estate market investments, which fell back in 2014 due to policy changes in China and other Asia-Pacific countries, leading to a weakening in land sales.
Global real estate investment fell in 2014 for the first time in five years, dropping 6.3 per cent to $1.21 trillion from $1.29 trillion in 2013. While the recent drop in oil prices have subdued GDP growth in the short term, the GCC economy is expected to recover on the back of supportive economic policies and strong performance in the non-oil sector.
According to International Monetary Fund, the GCC’s economy is estimated to reach $2 trillion by 2020, with Saudi Arabia contributing $902 billion, followed by the UAE ($502 billion), Qatar ($269 billion), Kuwait ($196 billion), Oman ($81 billion) and Bahrain ($40 billion). More info