1、THE MIDDLE EASTREAL ESTATE INDUSTRYReport 20232023IntroductionWith oil prices elevating and resolute economic growth taking ground in the Middle East,things look favorable with regard to real estate growth in the region.Moreover,under ambitious plans unveiled by Crown Prince Mohammed bin Salman at t

2、he Future Investment Initiative summit held in the Saudi capital last year,Riyadh aims to increase its residents from 7.5 million at present to between15 million to 20 million in 2030.Thirdly,as the MEAs liberal trade policies are attracting foreign investors,the real estate niche is further set for

3、 exponential growth.Already,the trend is visible as there are strong levels of occupier and investment activity in the area.And at this pace,real estate activity will see an unprecedented boom,one that has possibly never happened before.Currently,the total value of real estate projects planned or un

4、derway in the GCC stands at$1.36 trillion.Saudi Arabia accounts for 64.5%of this total,with around$877 billion worth of projects.This is followed by the UAE,where its$293 billion worth of projects account for 21.6%of the total.An OverviewCurrent MEA Statistics64.5%21.6%13.9%$1.36 trillion$877 billio

5、n$293 billion UAEOTHERSSAUDI ARABIABetween Q3 2021 and Q3 2022,the average sales prices for residential property and average rents have increased by approximately 10%and 21%in Dubai respectively.Thats because post-pandemic,there was a sudden spike in demand for residential/rental accommodations with

6、 people moving out from their homes to work in various cities.Source:CBRE Saudi ArabiaIn the UAE,Abu Dhabis office market will see a demand surge with constrained levels of new supply.This will underpin further rental growth that will take place at a slow rate.Office MarketThe MEA Real Estate Estima