IMARC Group has published a market research report titled “GCC Residential Construction Market Report by Property Type (Single Family, Multi-Family), Construction Type (New Construction, Renovation), and Country 2024-2032” GCC residential construction market size is projected to exhibit a growth rate (CAGR) of 4.80% during 2024-2032.
The growing need for housing owing to the growth in population as well as urbanization is one of the factors responsible for the growth of the GCC residential construction market. Additionally, the demand for residential construction is propelling as countries like Saudi Arabia, the UAE, and Qatar are investing heavily in new residential developments to accommodate their increasing populations and boost their real estate sectors, which is fueling the market across the region. Besides this, the influx of expatriates and the rising standard of living are elevating the need for high-quality residential units, driving further development in the residential construction market.
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GCC Residential Construction Market Trends and Drivers:
There is a significant movement toward sustainability in GCC residential construction, with an increasing number of projects focusing on green building practices and energy efficiency, which is also augmenting the market. The initiative is fueled by both environmental concerns and a desire to save energy expenses, which are high given the region’s severe climate. Additionally, sustainable construction practices are being encouraged through regulations and incentives, such as the Dubai Green Building Regulations and the Green Building Standards of Saudi Arabia, which are acting as another growth-inducing factor across the region. These initiatives promote the usage of eco-friendly materials and technologies, including solar energy and efficient cooling systems, that are becoming more prevalent in new residential construction, which is anticipated to drive the GCC residential construction market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
Property Type Insights:
- Single Family
- Multi-Family
Construction Type Insights:
- New Construction
- Renovation
Country Insights:
- Saudi Arabia
- United Arab Emirates
- Qatar
- Kuwait
- Oman
- Bahrain
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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