RIYADH: Real estate sales in the Gulf Cooperation Council countries surged 42 percent in 2021 to reach $137.4 billion, compared with $96.7 billion in 2019.
The overall growth was driven by Dubai’s real estate sector, where sales were up 86 percent, followed by Saudi Arabia, where purchases were up 25 percent, MEED reported.
The market is experiencing an oversupply of luxury and ultra-luxury properties. It is expected that the trend will continue to drive the development of more high-end real estate projects going forward.
