The real estate market is the cornerstone of any economy—the way it moves has a rippling effect across swathes of people. In the last couple of years, the global pandemic has caused significant disruption to the real estate sector in most countries, with owners and renters having to make necessary adjustments to business operations in response to restrictions on capacity and mobility.
The Middle East’s real estate sector appears to be bouncing back fast, with property prices increasing on the back of increased oil prices and government policies. Ongoing and upcoming international events are also giving this asset class a boost in some GCC countries. But all is not smooth sailing. The office space market has been disrupted in some parts of the region as many employers adopt remote working as a permanent fixture, and the growth in online shopping is leading retail developers to reconsider how best to invest in and use brick-and-mortar stores.
Across the region, megaprojects are being developed by governments as well as private and semi-government developers, especially in Saudi Arabia, Egypt, and the U.A.E. These projects are giving a huge boost to the regional construction sector, which also has a positive outlook over the next few years according to forecasts.