Real Estate Sector

With the growth in the rates of population in the country of the council the real estate sector witnessed substantial changes during the past few years particularly in the light of the huge construction and real estate projects which were laid down by the government of the countries of the council and coincided with the facilities granted by them such as issuing legislative mechanisms to free real estate circulation so as to pump more investment in the arteries of that sector. Those measures encouraged the private sector to lay down some views to innovative projects. The countries of the council were different in their views towards the performance of the real estate for instance, in U.A.E., the real estate sector, obsesses about 10% from the total of the national income, and most of the projects concentrated in Dubai and Abu Dhabi Emirates, and the number of the real estate projects in the U.A.E. is estimated at $1,300 trillion, in the kingdom of Saudi Arabia the real estate sector in the shadow of the huge project particularly, the government projects and the ones which were led by the private sector has become a basic foundation for the development. The contribution of the real estate sector in the total local proceeding of the kingdom of Saudi Arabia ,is estimated at SR55milliar and about 9,5% from the non- petroleum local proceeding but in Oman Sultanate, the rate of the demand of real estate has rised with about 54%during the year 2005. Furthermore, the size of the real estate deals in the year 2007, risen to about 24,2million sqm, with a rate in the increase, reached 43,4% , also the size of the real estate investment in the Sultanate in the year 2007, reached 1,61milliar Omani riyal, while the rates of the Gulf investment in the real estate sector reached 38%. In AL-Kuwait, the real estate occupied the second position after the petroleum and the real estate market in Kuwait, witnessed a roaring circulation, surpassed the values of the investment flow to $8milliar also the number of the residential units are expected to reach with the start of the year 2010about 100,000 residential units. In AL-Bahrain, the construction projects obsessed to about 79% from the total size of the projects which are executed with value of $13,3milliar while in Qatar the size of the investment earnings estimated at 15-25%,particularly after the decree that specify18 areas for the Qatari investment.