Real estate weakness hurts GCC

Weakness in the real estate market has both reflected and contributed to weak economic growth in much of the GCC, particularly the UAE, Qatar, and Saudi Arabia, according to the Institute of International Finance (IIF). Prices have fallen largely in Dubai and Saudi Arabia since 2014; Qatar’s prices have seen some temporary upturns but remain well below their pre-rift levels. The weakness of the GCC real estate market in recent years stands in stark contrast to emerging markets as a whole.