GCC Real Estate Market to Expand at a CAGR of 5.13% Over 2024-2032 | IMARC Group

The latest report published by IMARC Group, titled "GCC Real Estate Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on GCC real estate market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The GCC real estate market size is projected to exhibit a growth rate (CAGR) of 5.13% during 2024-2032.

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Factors Affecting the Growth of the GCC Real Estate Industry:

• Economic Diversification and Government Initiatives:

A primary driver of the GCC Real Estate market is the concerted effort towards economic diversification by GCC governments. Traditionally reliant on oil, these countries are increasingly focusing on non-oil sectors such as tourism, retail, and finance, which boosts real estate demand. Mega-projects and initiatives not only attract foreign investment but also result in infrastructure development, creating a demand for both commercial and residential properties. Government policies encouraging foreign ownership in certain regions, along with public-private partnerships, further stimulate the market. However, these economies still remain sensitive to global oil prices, and any fluctuation can significantly impact real estate investment and development.

• Demographic Trends and Urbanization:

The demographic profile and urbanization trends in the GCC region significantly influence its real estate market. The region boasts a young and growing population, with a high expatriate presence in countries like the UAE and Qatar. This demographic landscape drives demand for residential properties, particularly affordable housing and luxury units. Urbanization is another critical factor, as the population shift from rural to urban areas, particularly in Saudi Arabia and Oman, creates a need for expanded urban housing and infrastructure. Moreover, the growing middle class in these countries increases demand for quality housing, retail spaces, and office buildings. The improving lifestyle and aspirations of the young population also drive demand for modern, integrated living spaces, leading to the development of mixed-use projects that combine residential, commercial, and leisure facilities.

• Technological Advancements and Sustainability:

Technology and sustainability are increasingly becoming key drivers in the GCC Real Estate market. Technological advancements such as smart city initiatives, digital transactions, and the use of AI and big data in property management are transforming how real estate business is conducted. The adoption of green building practices and sustainable development is also gaining momentum, driven by both regulatory policies and a growing environmental consciousness among consumers. This shift is evident in the increasing number of LEED-certified buildings and eco-friendly projects across the region. The integration of technology not only enhances operational efficiency and sustainability but also appeals to a tech-savvy population, adding value to properties. Moreover, in response to the COVID-19 pandemic, there's a growing emphasis on technology that ensures health and safety in buildings, further influencing real estate development trends.

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GCC Real Estate Market Report Segmentation:

By Property:
• Residential
• Commercial
• Industrial
• Land

On the basis of property, the market has been divided into residential, commercial, industrial, and land.

By Business:
• Sales
• Rental

On the basis of business, the market has been divided into sales and rental.

By Mode:
• Online
• Offline

On the basis of mode, the market has been divided into online and offline.

By Country Insights:
• Saudi Arabia
• UAE
• Qatar
• Bahrain
• Kuwait
• Oman

On the basis of region, the market has been divided into Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman.

GCC Real Estate Market Trends:

With a focus on tourism, especially in the UAE and Saudi Arabia, there's an augmenting demand for hospitality and leisure properties. This tourism drive, coupled with global events, fuels investment in hotels, resorts, and related infrastructure. The rapid digital transformation in the GCC enhances real estate services and processes, from virtual property tours to online transactions, appealing to a global and technologically adept clientele.

Furthermore, changing social norms, including increased women's participation in the workforce and evolving lifestyles, are altering housing demands, leading to a diversified real estate market with varied residential options. Additionally, the political stability and relative security in GCC countries, particularly in contrast to other parts of the Middle East, make them attractive destinations for real estate investment. Investors seek markets with lower geopolitical risks, and most GCC countries offer this assurance.

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.