Real estate market in most of the Gulf Cooperation Council (GCC) countries has indicated some improvement in the January-September period. In particular, according to some local experts, the value of transactions increased by 15 percent to $68.8 billion, while the number of transactions rose by 25 percent to 429,410.
However, it is worth mentioning, that lower achieved pricing was one of the key reasons for the figures to improve as the average values per transaction across the GCC declined by eight percent to around $160,200 during nine months of the current year.
Despite certain improvements, the real estate sector in the GCC still requires a combination of lower upcoming supply and more affordable pricing in order for the transactions to sustain the growth rates in the mid-term. As a result, real estate market support for the construction sector in the GCC is expected to be limited, SteelOrbis understands.