CBRE – Middle East Real Estate Market, 2024

In 2024, the GDP growth in GCC countries is projected to strengthen, with the oil sector experiencing a growth of 2.2% and the non-oil sector showing a stronger growth rate of 2.9%. The total value of real estate projects currently planned or under construction is estimated at $1.68 trillion, with Saudi Arabia accounting for the majority at $1.06 trillion. Regarding offices, the market is expected to continue its robust performance from 2023, although global economic challenges and limited stock in key markets may hinder market activity. In the residential sector, there has been a convergence towards positive price changes, with some areas experiencing declines. The hotels market is anticipated to see increased visitation across GCC countries in 2024, but performance levels may vary throughout the year.