The Middle East’s real estate sector may benefit from the return of global population movement to pre-pandemic levels in 2024.
Migration in Kuwait city, Abu Dhabi, and Dubai were particularly highlighted in the Global Living Report of advisory firm Savills, where it said net rates could exceed 8 percent over the next five years.
This improvement in global migration has pushed the real estate sector to “new heights,” the report said, accelerated by a rapid economic recovery on the back of successful vaccine drives.
“Demand for purpose-built, professionally managed residential space is expected to increase further as cities worldwide begin to recover from lockdowns and global net migration returns to pre-pandemic levels,” Steven Morgan, chief executive officer of Savills Middle East, said.
This also comes as governments in the regions have gradually lifted pandemic-related restrictions on consumer activities, pushing up people’s mobility within the region.
“The continued economic growth in the Middle East has allowed key markets such as the UAE, Saudi Arabia, and Kuwait to focus their efforts on improving their residential and commercial infrastructure,” the report said.