- March 9, 2023
- Posted by: Muhammad Shehzad
- Category: RBS News
CBRE Group, Inc. is a global commercial real estate service and investment firm referred to as a real estate expert, forecasts a robust growth rate in the East Real Estate Market in 2023, as per news released on 6-03-2023. Further, the value of GCC’s completed and on-going real estate projects is estimated at $1.36tn.Moreover, the news ‘KSA drives $1.36trn growth in GCC real estate market’ is a big coverage of real estate growth rates.
GCC Real Estate Projects worth $1.36Tn, with Saudi Arabia holding the largest share of 64.5% and a high cost of $877Bn
Moreover, according to reports, the value of the planned and existing real estate projects across the GCC is $1.36 trillion. Saudi Arabia has the largest portion (64.5%) and the highest cost ($877 billion).
Steady growth is expected in ME’s real estate market in 2023
In terms of regional projects in the GCC, the UAE follows closely with a 21.6% share, while experts anticipate steady growth in the Middle East real estate market for 2023. Experts also indicate an increased investment activity due to sustained economic growth and higher oil prices.
The expectation of Rapid growth in 2023 for the GCC nations, driven by Dubai’s rising apartment and villa prices
There are expectations of rapid development about the countries in the Gulf Cooperation Council (GCC) in 2023. Further, due to the market’s rising prices for apartments and villas, Dubai’s investment activities last year might have been more rapid but constant.
On the other hand, market experts predict that the UAE will experience transaction volume in the coming year. Moreover, UAE will also experience price growth.
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Bahraini villa costs are slightly up in 2023, and market growth anticipated due to upcoming projects
In Bahrain, the cost of a villa has marginally risen in 2023. Nonetheless, property analysts predicted a slight decline but significant growth for the Bahraini market after examining the upcoming projects.
Furthermore, according to real estate specialists, Dubai’s residential rentals increased by 27.1% in 2022, setting a new record high. Additionally, real estate analysts expect that villa property growth will continue to be in the low single digits.
Keep visiting RBS for further updates on ‘KSA drives $1.36trn growth in GCC real estate market’.