According to property analysts, Dubai has taken the initiative to control real estate oversupply risks and monitor private sector building activity that is applied across the GCC real estate markets to sustain the current growth momentum. The research reports of Kuwait-based non-banking financial firm Kamco says, that in the first 9 months of 2019, real estate sale transactions in the GCC rebounded total value by 15% to $68.8 billion. However, during the first 9 months of 2018, the total value reached $59.7 billion.
Saudi Arabia and Kuwait remain the biggest drivers for the rise in the transaction, as the transacted value in Saudi Arabia gained by 36% year on year, while the transacted value in Kuwait moved up by 9.4% as compared to the same 9 month period in 2018. On the other hand, Entertainment also remained the biggest driver for retail mall space take-up in the GCC. Saudi Arabia remained the largest contributor to real estate transactions in the GCC, contributing over 51% of the value transacted and 54% of the region’s number of transactions in the 9 month period. Real estate equities in Abu Dhabi and Kuwait remained the best performers to date. From the announced freehold law, and the government projects bagged by the company, the outperformance of ADX listed real estate equities was mainly ascribed to Aldar’s outperformance.