Growth in property within the MENA region
is forecast to outpace the global average in 2011 highlighting the area's potential for investment, DAMAC Properties has forecast.
Indeed, according to the IMF, GDP will expand 5.1 per cent in the MENA region next year, higher than the forecast global average of 4.2 per cent. As a result of this, the region will be second only to Asia in terms of annual growth.
DAMAC Properties added that the property sectors in Saudi Arabia, Lebanon and Egypt are forecast to report double digit growth in 2011.
"There are strong economic fundamentals underpinning the case for property prices to rise across the MENA region in 2011," said Ziad El Chaar, managing director of DAMAC Properties.
He continued: "There is still a lot of cash on the sidelines, but there are opportunity costs to keeping liquid cash. Investors will now be weighing up their options about where to invest next year and property is shaping up to be one of the best performing sectors."
- Thursday 06 January 2011