House Prices May Have Bottomed in the Middle East, Kamco Says - Bloomberg
Prices for residential real estate in the six-member Gulf Cooperation Council may have bottomed and total transaction value for the year is on track to eclipse 2019 levels, Kuwait’s Kamco Investment said.
“Dubai real estate witnessed opportunistic buying from investors, especially at the higher end of the apartment and villa market,” Kamco said. “Saudi Arabia real estate prices recovered, driven by government support in the form of mortgage financing and housing initiatives.”
The GCC includes Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman. Transactions in the first half of 2021 reached $64.9 billion, compared to $90.5 billion for 2020 and $96.5 billion in 2019, the firm said.
A higher average value per transaction in the first six months of the year, when compared to pre-pandemic levels of the first half of 2019, indicated “the investment appetite for attractively priced real estate,” Kamco said.
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