GCC Real Estate Sales Hike

Real estate sales in the GCC countries surged 42% in 2021 to reach US$137.4 billion, compared with US$96.7 billion in 2019. The overall growth was driven by Dubai’s real estate sector, where sales were up 86%, followed by Saudi Arabia, where purchases were up 25%, a report said.

The market is experiencing an oversupply of luxury and ultra-luxury properties. It is expected that the trend will continue to drive the development of more high-end real estate projects going forward.