Middle East Real Estate Market Outlook to 2030 - Surging Tenants Bargaining Power
Region:Middle East
Product Code:AM146
February 2012
209
About the Report
The report titled 'Middle East Real Estate Market Outlook to 2013- Surging Tenant's Bargaining Power' discusses in details various aspects of Middle East's real estate market with a focus on the reduced household budget allocation of the tenants along with the rising domestic population, government initiatives to attract foreign investors and the changing tastes and preference of the tenants and the investors. The report covers the comprehensive analysis on the market size of the real estate sector in the Middle East with a focus on seven countries such as Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar on the basis of supply and revenue, market segmentation, competitive landscape and company profiles of major developers operating in these seven countries. The report also entails the SWOT analysis of the real estate sector. The future projections and outlook provide an insight on the future growth drivers and challenges in the real estate sector of Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman, Kuwait and Qatar.
The real estate market in the Middle East has entered a correction phase in the year 2010 with a major portion of demand inflow from the residential segment. The demand is primarily generated by the low and medium income segment of the population and therefore the developers were focusing towards building affordable and economic housing properties to cater to their requirement. The future of the Middle East real estate market is expected to be favorable with stable growth in the long run due to mounting domestic demand for affordable residential properties, friendly government laws and surging government investments and inclining inbound travelers in the region.
The real estate market in Saudi Arabia has showcased a remarkable growth in 2010, primarily due to an increasing domestic demand for real estate properties. In addition, the arrival of religious and leisure tourists and travelers to the country has driven the market in the recent past and has resulted into lower vacancy rates of the retail shopping malls and hotel rooms. On account of these prevalent market conditions, the value of the real estate market has increased by ~% to USD ~ million in 2010.
The Egypt real estate market in the midst of global economic unrest has showcased a sustainable performance as compared to the other countries in the Middle East, who have been trying to overcome the prevailing market and economic conditions. A consistent increase in the demand for housing units has been recorded over the years, which has surpassed the supply due to the growing need for housing facilities to accommodate an increasing population. In addition, the traditional approach of the Egyptians to hold their properties rather than selling it during odd economic conditions along with the conservative mortgage market have restricted the country’s real estate market’s exposure to the global economic slowdown.
The real estate market in Egypt is dominated by few major players who contribute around ~% of the total revenue of the market in 2010. Of these, Talaat Mostafa Group Holdings (TMG) with contribution of ~% leads the share due to the company’s successful project execution track and a strong brand name.
Jordan’s real estate market supply had increased at a CAGR of 3% from 2005-2010. In 2010, the market recorded a cumulative supply of ~ thousand square meter of GLA as compared to ~ thousand square meters in 2005. This increase in the supply was influenced by the growing demand for affordable and middle end residential buildings and demand for better and quality office buildings in Amman as a result of increased business activities in the country. Moreover, an increasing population is one of the major drivers of the real estate market on which the supply of residential units majorly depends.
In the recent years, it has been observed that the Iraqi government has announced several schemes and incentives to attract the Iraqis who have migrated to Jordan because of the instability and unsafe political and economic conditions in Iraq. If these schemes prove to be attractive to the Iraqis then they may return back to their land which will in turn increase the vacancy rates of the residential spaces in Jordan.
The real estate market in UAE has been significantly dominated by the Northern Emirates with a market share of ~% in 2010. This share has been contributed majorly by the real estate developments in the cities such as Sharjah, Ajman, Umm Al Quwain and Ras Al Khaimah (RAK).
The Dubai real estate market follows the Northern Emirates, with a share contribution of ~% in 2010 and with several real estate development projects in the pipeline. Moreover, an increasing demand for affordable housing units and the reviving economy has resulted in the marginal growth of the real estate market in Dubai.
In addition, Abu Dhabi, which contributed around ~% of the real estate market in UAE in 2010, suffered a setback due to the higher prices and rental rates as compared to other neighboring cities in the UAE.
UAE real estate market is highly fragmented and competitive with about ~ brokers in Dubai alone currently listed by Real Estate Regulatory Authority (RERA). Dubai Holdings is the largest real estate developer in the UAE with a market share of ~ % in 2010 and revenue of USD ~ billion.
Oman’s real estate market value has grown at a CAGR of 12% for the period 2005-2010. This growth has been supplemented by the rising expatriate population in the country which has driven the demand for residential units over the years. In fact, the growing young population of Oman has also increased the requirement for residential properties in the country.
The real estate market in Kuwait is highly saturated amongst ~ public listed companies of which ~ are Sariah compliant and several other small and private developers. In 2010, the ~ listed companies recorded total assets of USD ~ million and total debt of USD ~ million. Amongst the top players, where Salhia Real Estate Company, United Real estate Company, Commercial Real estate Company and Tamdeen Real Estate Company registered net profits in the year 2010, companies like National Real estate Company and Al Mazaya recorded losses for the period 2010.
The Qatar real estate market is expected to have bright future with the FIFA world 2022 bid win due to which the country will undergo an impressive development in the real estate activities. The government of Qatar has recently announced the investment of USD ~ billion on the development of the infrastructure and USD ~billion in the construction of ~ stadiums and the renovation of three existing stadiums with more than ~ seating capacities along with ~ modular seats. The construction is expected to use better technologies which will encompass carbon neutral air-conditioned stadiums that will benefit the environment and pose ideal conditions for players and the spectators during the games. The real estate market will experience an additional supply of ~ thousand square meter of GLA in the residential, office and retail and hospitality segment of the market by 2013.
Key Topics Covered in the Report:
- The market size of the real estate sector in the Middle East including 7 countries, Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar on the basis of total supply and revenue, 2005-2010.
- Market segmentation of Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar real estate market by residential, office, retail and hotel on the basis of total supply, 2005-2010
- Recent trends and developments of the Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar real estate market
- SWOT analysis of the real estate market in all the 7 countries
- Market share of the major real estate developers operating in Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar, 2010
- Company profiles of leading developers in the real estate market in Saudi Arabia, Egypt, UAE (including Northern Emirates, Dubai and Abu Dhabi), Jordan, Oman Kuwait and Qatar
- Future outlook and projections of the supply of residential, office, retail and hotel spaces in all countries, 2011-2013
- Cause and effect relationship analysis between industry factors and expected industry prospects in the Middle East real estate market
- Historical and future forecast of several macro-economic and industry factors including Population, GDP, number of tourist arrivals, inflation and housing finance
Scope of the Report
Products
Companies
Table of Contents
1. The Middle East Real Estate Market Introduction
2. The Middle East Real Estate Market Size, 2005 – 2010
2.1. By Supply, 2005-2010
3. The Middle East Real Estate Market Segmentation
3.1. By Residential, Office, Retail and Hotel Supply in GLA Thousand Square Meter, 2005-2010
3.2. By Geography
4. Middle East Real Estate Future Outlook
4.1. Middle East Real Estate Future Projections, 2011-2013
4.2. Cause and Effect Relationship between Dependent and Independent Factors Prevailing in Middle East Real Estate Market
5. Saudi Arabia Real Estate Market Introduction
5.1. Saudi Arabia Real Estate Market Size, 2007-2010
5.1.1. By Revenue, 2007-2010
5.1.2. By Supply, 2005-2010
5.2. Saudi Arabia Real Estate Market Segmentation on the Basis of Supply, 2005-2010
5.2.1. By Residential, Office, Retail and Hotel, 2005-2010
5.3. Saudi Arabia Real Estate Market Trends and Developments
5.4. Saudi Arabia Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunity
Threats
5.5. Saudi Arabia Real Estate Market Competitive Landscape
5.5.1. Saudi Arabia Real Estate Market Developers' Market Share, 2010
5.6. Saudi Arabia Real Estate Market Future Outlook
5.6.1. Saudi Arabia Real Estate Market Future Projections, 2011-2013
5.7. Major Saudi Arabia Real Estate Developers Profiles
5.7.1. Dar Al Arkan Real Estate Development Company
Company Overview
Financial Performance
5.7.2. Saudi Real Estate Company
Company Overview
Financial Performance
5.7.3. Saudi Hotels and Resort Areas Company
Company Overview
Financial Performance
5.7.4. Makkah Construction and Development Company
Company Overview
Financial Performance
5.7.5. Taiba Holding
Company Overview
Financial Performance
5.7.6. Arriyadh Development Company
Company Overview
Financial Performance
5.8. Saudi Arabia Macro Economic And Industry Factors: Historical and Projections
5.8.1. Population, 2005-2013
5.8.2. Gross Domestic Product, 2005-2013
5.8.3. Number of Tourists, 2005-2010
5.8.4. Inflation, 2005-2013
5.8.5. Real Estate Finance, 2007-2010
6. Egypt Real Estate Market Introduction
6.1. Egypt Real Estate Market Size, 2005-2010
6.1.1. By Revenue, 2005-2010
6.1.2. By Supply, 2005-2010
6.2. Egypt Real Estate Market Segmentation on the Basis of Supply, 2005-2010
6.2.1. By Residential, Office, Retail and Hotel, 2005-2010
6.3. Egypt Real Estate Market Trends and Developments
6.4. Egypt Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
6.5. Egypt Real Estate Market Competitive Landscape
6.5.1. Egypt Real Estate Market Developers’ Market Share, 2010
6.6. Egypt Real Estate Market Future Outlook
6.6.1. Egypt Real Estate Market Future Projections, 2011-2013
6.7. Major Egypt Real Estate Developers Profiles
6.7.1. Talaat Moustafa Group Holding (TMG)
Company Overview
Financial Performance
6.7.2. Palm Hills Developments (PHD)
Company Overview
Financial Performance
6.7.3. Nasr City Housing & Development
Company Overview
Financial Performance
6.7.4. Six of October Development and Investment Company (SODIC)
Company Overview
Financial Performance
6.7.5. Orascom Hotels & Development
Company Overview
Financial Performance
6.7.6. Heliopolis Housing
Company Overview
Financial Performance
6.7.7. United Housing & Development
Company Overview
Financial Performance
6.8. Egypt Macro Economic and Industry Factors: Historical and Projections
6.8.1. Population, 2005-2013
6.8.2. Gross Domestic Product, 2005-2013
6.8.3. Number of Tourists
6.8.4. Inflation, 2005-2013
6.8.5. Housing Mortgage Finance
7. Jordan Real Estate Market Introduction
7.1. Jordan Real Estate Market Size, 2005-2010
7.1.1. By Revenue, 2005-2010
7.1.2. By Supply, 2005-2010
7.2. Jordan Real Estate Market Segmentation on the Basis of Supply, 2005-2010
7.2.1. By Residential, Office, Retail and Hotel, 2005-2010
7.3. Jordan Real Estate Market Trends and Developments
7.4. Jordan Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
7.5. Jordan Real Estate Market Competitive Landscape
7.5.1. Jordan Real Estate Market Developers’ Market Share, 2010
7.6. Jordan Real Estate Market Future Outlook
7.6.1. Jordan Real Estate Market Future Projections, 2011-2013
7.6.1.1. Residential, Office, Retail, Hotel Projected Supply, 2011-2013
7.7. Major Jordan Real Estate Developers Profiles
7.7.1. Zara Investment Holdings
Company Overview
Financial Performance
7.7.2. Investors & Eastern Arab for Industrial & Real Estate Investment (IEAI)
Company Overview
Financial Performance
7.7.3. Union Land Development Company (ULDC)
Company Overview
Financial Performance
7.7.4. Specialized Investment Compounds Company PLC (SPIC)
Company Overview
Financial Performance
7.7.5. Taameer Jordan Holdings (TAMR)
Company Overview
Financial Performance
7.7.6. Jordan Dubai Properties (REIN)
Company Overview
Financial Performance
7.7.7. Real Estate Development Company (REDV)
Company Overview
Financial Performance
7.8. Jordan Macro Economic and Industry Factors: Historical and Projections
7.8.1. Population, 2005-2013
7.8.2. Gross Domestic Product, 2005-2013
7.8.3. Number of Tourists, 2005-2010
7.8.4. Inflation, 2005-2013
8. UAE Real Estate Market Introduction
8.1. UAE Real Estate Market Size, 2005-2010
8.1.1. By Revenue, 2005-2010
8.1.2. By Supply, 2005-2010
8.2. UAE Real Estate Market Segmentation on the Basis of Supply, 2005-2010
8.2.1. By Abu Dhabi, Dubai and Northern Emirates, 2005-2010
8.2.2. By Residential, Office, Retail and Hotel, 2005-2010
8.3. Dubai Real Estate Market Introduction
8.3.1. Dubai Real Estate Market Size by Supply, 2005-2010
8.3.2. Dubai Real Estate Market Segmentation by Residential, Office, Retail and Hotel, 2005-2010
8.4. Abu Dhabi Real Estate Market Introduction
8.4.1. Abu Dhabi Estate Market Size By Supply, 2005-2010
8.4.2. Abu Dhabi Real Estate Market Segmentation by Residential, Office, Retail and Hotel, 2005-2010
8.5. Northern Emirates Real Estate Market Introduction
8.5.1. Northern Emirates Real Estate Market Supply, 2005-2010
8.5.2. The Northern Emirates Market Segmentation by Residential, Office, Retail and Hotel, 2005-2010
8.6. UAE Real Estate Market Trends and Developments
8.7. UAE Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
8.8. The UAE Real Estate Market Competitive Landscape
8.8.1. The UAE Real Estate Market Developers’ Market Share, 2010
8.9. UAE Real Estate Market Future Outlook
8.9.1. UAE Real Estate Market Future Projections, 2011-2013
8.9.1.1. Residential, Office, Retail, Hotel Projected Supply, 2011-2013
8.10. Major UAE Real Estate Developers Profiles
8.10.1. Dubai Holdings
Company Overview
Financial Performance
8.10.2. Emaar Properties
Company Overview
Financial Performance
8.10.3. Sorouh Real Estate Company
Company Overview
Financial Performance
8.10.4. Union Properties
Company Overview
Financial Performance
8.10.5. Aldar Properties
Company Overview
Financial Performance
8.10.6. Deyaar Holding
Company Overview
Financial Performance
8.11. UAE Macro-Economic and Industry Factors: Historical and Projections
8.11.1. Population, 2005-2013
8.11.2. Gross Domestic Product, 2005-2013
8.11.3. Number of Tourists Arrivals
8.11.4. Real Estate Finance
8.11.5. Inflation, 2005-2013
9. Oman Real Estate Market Introduction
9.1. Oman Real Estate Market Size, 2005-2010
9.1.1. By Revenue, 2005-2010
9.1.2. By Supply, 2005-2010
9.2. Oman Real Estate Market Segmentation on the Basis of Supply, 2005-2010
9.2.1. By Residential, Office, Retail and Hotel, 2005-2010
9.3. Oman Real Estate Market Trends and Developments
9.4. Oman Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
9.5. Oman Real Estate Market Future Outlook
9.5.1. Oman Real Estate Market Future Projections, 2011-2013
9.5.1.1. By Residential, Office, Retail, Hotel Projected Supply, 2011-2013
9.6. Oman Real Estate Market Developers Profiles
9.6.1. Al Khonji Real Estate & Development
Company Overview
9.6.2. Al Madina Real Estate Company
Company Overview
9.6.3. Sahara Hospitality Company
Company Overview
Financial Performance
9.7. Oman Macro Economic And Industry Factors: Historical and Projections
9.7.1. Population, 2005-2013
9.1.1. Gross Domestic Product, 2005-2013
9.1.2. Number of Tourists, 2005-2010
9.1.3. Inflation, 2005-2013
10. Kuwait Real Estate Market Introduction
10.1. Kuwait Real Estate Market Size, 2005-2010
10.1.1. By Revenue, 2005-2010
10.1.2. By Supply, 2005-2010
10.2. Kuwait Real Estate Market Transactions, 2007-2010
10.3. Kuwait Real Estate Market Segmentation on the Basis of Supply, 2005-2010
10.3.1. By Residential, Office, Retail and Hotel, 2005-2010
10.4. Kuwait Real Estate Market Trends and Developments
10.5. Kuwait Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
10.6. Kuwait Real Estate Market Competitive Landscape
10.6.1. Kuwait Real Estate Market Developers’ Market Share, 2010
10.7. Kuwait Real Estate Market Future Outlook
10.7.1. Kuwait Real Estate Market Future Projections, 2011-2013
10.7.1.1. By Residential, Office, Retail, Hotel Projected Supply, 2011-2013
10.8. Major Kuwait Real Estate Developers Profiles
10.8.1. Salhia Real Estate
Company Overview
Financial Performance
10.8.2. Mabanee
Company Overview
Financial Performance
10.8.3. United Real Estate Company
Company Overview
Financial Performance
10.8.4. Commercial Real Estate
Company Overview
Financial Performance
10.8.5. Tamdeen Real Estate Company
Company Overview
Financial Performance
10.8.6. National Real Estate Company
Company Overview
Financial Performance
10.9. Kuwait Macro Economic and Industry Factors: Historical and Projections
10.9.1. Population, 2005-2013
10.9.2. Gross Domestic Product, 2005-2013
10.9.3. Number of Tourists, 2005-2010
10.9.4. Inflation, 2005-2013
10.9.5. Housing Finance, 2007-2010
11. Qatar Real Estate Market Introduction
11.1. Qatar Real Estate Market Size, 2005-2010
11.1.1. By Revenue, 2005-2010
11.1.2. By Supply, 2005-2010
11.2. Qatar Real Estate Market Segmentation on the Basis of Supply, 2005-2010
11.2.1. By Residential, Office, Retail and Hotel, 2005-2010
11.3. Qatar Real Estate Market Trends and Developments
11.4. Qatar Real Estate Market SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
11.5. Qatar Real Estate Market Competitive Landscape
11.5.1. Qatar Real Estate Market Developers’ Market, 2010
11.6. Qatar Real Estate Market Future Outlook
11.6.1. Qatar Real Estate Market Future Projections, 2011-2013
11.6.1.1. By Residential, Office, Retail, Hotel Projected Supply, 2011-2013
11.7. Major Qatar Real Estate Developers Profiles
11.7.1. United Development Company
Company Overview
Financial Performance
11.7.2. Barwa Real Estate Company
Company Overview
Financial Performance
11.7.3. Ezdan Real Estate
Company Overview
Financial Performance
11.8. Qatar Macro Economic and Industry Factors: Historical and Projections
11.8.1. Population, 2005-2013
11.8.2. Gross Domestic Product, 2005-2013
11.8.3. Number of Tourists, 2005-2010
11.8.4. Inflation, 2005-2013
11.8.5. Real Estate Finance
12. Appendix
12.1. Market Definition
12.2. Abbreviations
12.3. Research Methodology
Data Collection Methods
Approach
12.4. Disclaimer
Research Methodology
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