CITYSCAPE MENA REAL ESTATE REVIEW 2015
As the year is slowly coming to an end, we take a look back some of the major real estate markets in the MENA region and investigate their performance throughout the year while providing an individual outlook for 2016.
A major topic for the oil exporting countries of the GCC has obviously been the impact of declining oil prices on their real estate markets. Abu Dhabi’s and Doha’s office markets are feeling the hit as corporate activity slows down while in Dubai, the overall market has experienced a slowdown. This is however attributable to the broader global economic and political conditions rather than to low oil prices alone, experts say, and which signifies a healthy correction of a maturing market. In Kuwait and Saudi Arabia, a concern over the delay of major infrastructure and housing projects has emerged as governments reduce public spending to make up for the loss in oil revenue.
Egypt’s market has largely been marked by positive sentiment this year with the Economic Development Conference held in March having given birth to some major investments into the country including the much talked about Cairo Capital City project.
Last but not least in Turkey, uncertainty leading up to the November elections has impacted on the investment market but with political stability now in place, the country looks ahead to a strong 2016.
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