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“Gulf States to witness large construction boom over next few years”

Strong population growth driving demand for residential and commercial properties, shopping facilities, healthcare, among others.

Gulf States will witness a large construction boom over the next few years driven by increasing population growth, the inflow of foreign workers and high tourist traffic, real estate experts expect.

According to a recent report issued by Alpen Capital, the population of the Gulf States is rising at a CAGR of 2.5 per cent and it is expected that this rate will continue until 2018, reaching 57 million people, Saudi-based Al-Riyadh paper reports.

The report points out that the strong population growth is driving up demand on residential and commercial properties, shopping facilities, hospitality, healthcare, entertainment and infrastructure in the Gulf States.

Real estate investors and economists says that the real estate projects that Gulf States will witness over the next few years are estimated at billions of dollars to keep up with population growth and the increasing tourist traffic.