KUWAIT CITY, June 29: The real estate sector in the Gulf Cooperation Council (GCC) countries is navigating various challenges and opportunities as it strives to attract foreign investment and achieve growth potential, reports Al-Qabas daily. The following is an overview of the current landscape across some of the key GCC nations:

■ Kuwait’s real estate sector faced considerable challenges in 2023, marked by high borrowing costs and slow reforms. Transaction volumes saw a notable decline across residential and commercial sectors, with both sales and rental markets showing negative trends.

■ As the largest economy in the GCC, Saudi Arabia is actively implementing its Vision 2030 strategy, which includes ambitious goals to increase home ownership among citizens and attract international investors. The introduction of the premium residency visa is aimed at opening the market to global investors. Despite initial gains, the real estate market is still in the early stages of this transformation.

■ The UAE, particularly Dubai, has shown robust activity in the real estate market, recording significant transaction volumes in the residential sector in early 2024. This momentum indicates a positive start to the year, reflecting increasing levels of activity across all sectors.

■ Following volatility around the 2022 FIFA World Cup, Qatar’s real estate market has stabilized, showing signs of recovery in early 2024. Transaction volumes and values have seen positive growth, indicating a more stable and attractive environment.

■ Bahrain’s real estate market continues to perform steadily, driven by strategic buyers focusing on mid-range properties and an increasing demand for luxury waterfront homes. This stability supports ongoing growth in the sector.

■ After facing challenges during and immediately after the COVID-19 pandemic, Oman is experiencing renewed interest in its real estate potential. New projects are attracting both residents and investors, signaling a positive outlook for the market.

Overall, while challenges such as high borrowing costs and slow reforms persist in some GCC countries, there are also signs of stability and growth opportunities across various real estate sectors. Each nation’s strategic initiatives, like Saudi Arabia’s Vision 2030, are pivotal in shaping the future trajectory of their real estate markets and enhancing their attractiveness to global investors.