Press Release
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The oil boom and petrodollar recycling are creating a strong basis for a new Gulf real estate renaissance capable of withstanding future cyclical downturns, according to Eng. Khalid Esbaitah, Executive manager and CEO of Al Mazaya Holding.
Supported by a growing economy, favorable government measures regarding foreign investments, and freehold law, the real estate market in the GCC countries is witnessing a golden age and is expected to gain further momentum in the short to medium term, Esbaitah clarified.
Economists and real estate market observers have supported Esbaitah’s viewpoint, saying that the real estate boom in the GCC countries is fuelled by surplus liquidity and very strong and stable parameters, decreasing the possibility for any forthcoming slump in the future.
Esbaitah added: “We have several positive factors such as the easy access to credit provided by banks to home seekers, the private Middle Eastern funds worth billions of dollars that moved back to the GCC region after the events of September 11, and the growing population in the GCC states. Other factors include the increasing shortage of residential and commercial units in the markets the steady expatriate inflows and the openness of these countries to foreign investments, all of which are likely to contribute to sustaining the real estate boom.
“The current real estate boom is likely to expand to other neighboring markets in the Middle East, as we are currently witnessing mega projects being launched in Jordan, Lebanon, Egypt, Tunis and Morocco, with more projects to be announced in these countries and others in the near future”, Esbaitah said
