The real estate market is the lifeblood of any economy – the way it evolves has a ripple effect on entire sections of the population. Over the past two years, the global pandemic has caused significant disruption in the real estate industry in most countries, with landlords and tenants having to make the necessary adjustments to business operations in response to capacity and mobility restrictions.
The Middle East real estate sector appears to be rebounding rapidly, with house prices rising due to rising oil prices and government policies. Current and upcoming international events are also boosting this asset class in some GCC countries. But all is not smooth. The office market has been disrupted in parts of the region as many employers embrace remote working as a permanent fixture, and the growth of online shopping is causing retail developers to reconsider how best to invest. and use physical stores.
Across the region, megaprojects are being developed by governments as well as private and semi-government developers, particularly in Saudi Arabia, Egypt and the United Arab Emirates. the next few years according to forecasts.