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GCC Real-Estate Markets witnessed several
achievements in 2014, whether these were
the hiking sale standards recorded, the major
real-estate deals concluded throughout
the region, or the quality projects which will
contribute to create lasting impact for years
to come in the region. The real-estate sector
managed to overcome several inherited
challenges transcending from the crisis era,
many of which continue to fluctuate along
with changes in the market momentum.
Alternatively, the coming period requires
continued and sustained efforts to maintain
the same growth and safeguard the sector
against systematic and unsystematic threats.
The real-estate sector holds wide ambitions
for 2015; equally it bears the worries of other
sectors relying on it to achieve parallel growth,
expansion and success. With this current
situation, no room exists to retrieve, commit
mistakes or decline, especially while looking
at other sectors taking their preparations
for the Development Plans 2030 and other
major future projects speculated (2020
& 2022). Simultaneously, the real-estate
sector will be mostly hindered by budget
constraints which have to be approved and
properly allocated amongst targeted areas.
Mazaya Monthly Real Estate Report
JANUARY 2015
Budgets:
Al-Mazaya Weekly Report states the budgets
to be approved are operating as the main
element on which most GCC economies
speculations and trends rest on. Therefore,
major economic sectors hold their breath
awaiting gross expenditures and target fields
to be uncovered. Saudi Arabia announced
its 2015 overall budget amounting to SR
860 billion with SR 145 billion anticipated
deficit due to a decrease in oil prices.
Accordingly, the Kingdom declares continued
expenditure on development projects; mainly
education, health and social service. The
figures revealed also signal outstanding
public expenditure regardless of the local,
regional and world challenges encountered,
not to mention the fluctuating and un-
speculated growth trends worldwide. Still,
the new budget holds intrinsic indicators of
the strong Saudi economy impeded therein
and mirrors its ability to stand against world
inconsistencies and resume the support
directed to major Saudi economic factors
-mainly boosting the overall development,
improving public services and creating
employment opportunities to Saudi citizens.
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6 Indicators define the Real-Estate
Momentum and Trends in the GCCs in 2015