Sustained spending on property in the Middle East is likely to continue
, it has been claimed. The region possesses much growth potential, which will be recognised by investors.
According to Cityscape Global, the presence of oil in many GCC countries means that there will always be a market for real estate. Dan McLaughlin, executive manager of Danet Al Midmar, explained to Gulf News: "The world's appetite for oil won't go away. As much regard as I have for renewable energy, it's a great niche application."
And while Mr McLaughlin told the news provider that there still remained certain risks surrounding buying real estate in the region, citing over-building, repossession rights, local ownership and what he termed debtor's prison obstacles, he added that there is an opportunity to introduce the latest technology into the construction sector.
"Technologies make construction faster, better and less expensive, but one has to come in as a solutions provider, not with product sales," he said.
- Wednesday 13 October 2010