The real estate markets of the GCC countries, including Qatar are forecast to witness positive growth in September which will accelerate the momentum of recovery in the sector during the fourth quarter of 2013, according to Ezdan Holding Group 's monthly report.
The report said that the positive performance for the real estate sector was supported by the launch of some 2022 World Cup-related projects, particularly with the award of Doha Metro contracts by Qatar Railway.
The report noted that, despite summer season which coincided with the Eid Al Fitr holidays, the real estate sector continued its positive performance and achieved sales of about QR500m in the last week of August.
The period of relative calmness witnessed by the sector in the GCC during the season provided an opportunity to the investors to re-assess their investment decisions and study different markets carefully.
The report pointed out that the real estate markets in the region has maintained its consistency during the season, which confirms that the GCC real estate sector is still keeping its attraction as a safe haven for investment.
The government's land development projects for the construction of new residential housing units in Saudi Arabia have supported the sector positively. While there is a sense of optimism in the UAE as the real estate sector in the Emirates is set to witness the launch of many new big projects worth $130bn (QR473.4bn).
Ezdan 's monthly report said that, in Kuwait, the real estate sector has witnessed a significant improvement in the past few months, especially in last July, registering the largest increase in trading in the last five years. The total value of the real estate trading increased by about KD81m ($285m), up 21 percent to reach the record level of about KD461m ($1.62bn) in last July.
Similarly, in Bahrain, the real estate sector shows positive signs for further growth in the coming period. According to Bahrain Centre for Investors, about 59 new real estate companies entered (registered) the market during the first half of this year which evidently tells a bullish trend about the market.
The report noted that, in Oman also, the real estate sector is expanding remarkably with the increase in demand for residential properties.
The Peninsula
12 September
