UAE’s real estate market continued to lead the GCC real estate market in the first quarter of 2014 with residential sales prices rising by 30 per cent in Dubai in the year ending March, according to a report published yesterday by Kuwait’s Gulf Investment House.
Gulf Investment House said other features of the first quarter included:
- Qatar’s office rental and residential market remained strong.
- Bahrain’s real estate market is set to recover. Rentals for villas are expected to rise, but the apartment market would face some pressure. The commercial segment continued to be affected by declining demand due to oversupply of stock.
- The value real estate sales in Kuwait rose by 21.8 per cent to KD931.8mn in the first quarter
- Oman’s real estate market continued to recover, driven by the residential segment.
- Saudi Arabia’s real estate market delivered mixed performance in the first quarter. Jeddah’s office market remained strong on increased demand from the government and private sectors. Oversupply in Riyadh’s office market continues to impact office rental rates. The hospitality segment also remained mixed, with Jeddah outperforming Riyadh.