GCC Real Estate Deals Valued $391 Billion in 2024
- Business Companies Real Estate Regional
Global Business Magazine- 4 minutes read
More than half of the real estate transactions in the GCC region were in Dubai, which recorded deals valued $207 billion in 2024 compared with $172.6 billion the previous year, according to Saudi Arabia-based real estate services provider Sakan.
In its latest Gulf Residential Market Report, Sakan said that the GCC approximately witnessed $391 billion of real estate deals last year, which was equivalent to 18.6% of the region’s economy in 2023 and of this, 54% of transaction value was driven by Dubai alone.
While the real deals in Qatar (-13%, from $4.6 billion to $4 billion), and Bahrain (-1%, from $2.84 billion to $2.8 billion) shrank last year, those from the rest of the GCC market – Ras Al Khaimah (117%, $1.9 billion in 2023 to $4.1 billion in 2024), Saudi Arabia (47%, from $51.6 billion to $75.7 billion), Sharjah (47%, from $7.4 billion to $10.9 billion), Kuwait (33%, from $9.1 billion to $12.1 billion) ), Oman (30%, from $5.75 billion to $8.75 billion), Abu Dhabi (11%, $23.7 billion to $26.2 billion), showed robust growth.
Sakan’s CEO Abdulla Al-Saleh said that the GCC real estate market stands at an exciting crossroads, with unprecedented growth opportunities shaping the future of the region.
“As we enter 2025, the industry continues to benefit from a combination of robust government initiatives, increased international interest, and a renewed focus on innovation. From sprawling urban developments to visionary smart cities, the GCC is solidifying its position as a global real estate hub,” he added.
Fastest Growing Cities
The report said that some cities were growing faster than others. In Riyadh, Knight Frank estimates that the city’s population will increase by 4.1% annually to reach 9.6 million by the end of the decade, with 5.5 million expats and 4.1 million Saudis.
“Analysts say this number is already lower than previously projected; urban planners anticipate that giga projects will stem the flow of rural migration to cities,” the report said.
Dubai is another city which has been witnessing a population boom as between 2010 and 2024, in a span of just 14 years, Dubai’s population doubled from 1.91 million to 3.83 million. The Emirate is likely to add 2.5 million more people by 2040.
In fact, the Middle East is home to the world’s first cities, and it is where new ones are rising and they include mega developments and cities such as Lusail in Qatar, NEOM and King Abdullah Economic City in Saudi Arabia, and Dilmunia in Bahrain, besides multiple new residential housing areas rising in Kuwait are creating new opportunities for urban population growth and development, the report said.
One of the key themes in several markets across the GCC is the volume of houses that must be built to accommodate future demand. More than 800,000 housing units need to be constructed alone in Saudi Arabia (690,000), Kuwait (73420), and Oman (65,500) to meet local requirements by 2030.
“Much of this is brought about by population growth; the number of people living in cities in the GCC is expected to grow by 30% between 2020 and 2030. The UNDP said 84.3% of the GCC population will be residing in urban areas by 2030,” the report said.
