Real estate in the Middle east, particularly in the oil-rich Gulf states has suffered its ups and downs over the years. But if the sector is ever to take its place in the economic diversification process -as a long term engine of economic growth – changes will have to be implemented.
Many Gulf states have a surplus of luxury homes but far too few more modest properties for their rapidly growing populations.
The Saudi real estate development fund will invest more than $1.33BN iN 12,000 new homes, as part of the country’s pledge to construct 500,000 residential units by 2015.
Neil Ford writes of the property issues facing the region in this month’s special report, “PUTTING THE GULF REAL ESTATE BACK ON TRACK”.