According to The National, the total population of the GCC has increased by more than 67% from 2000 to last year. It stood at more than 49 million in 2013, compared with 29.4 million in 2000, and it continues to grow 2 to 3% each year, according to figures provided by Strategy&.
“The relatively young demographic structure of the region is creating a surge in demand that could lead to a shortage in excess of one million units by 2018,” said the Strategy& partner Samer Bohsali
Strategy&, formerly known as Booz & Company, noted, however, that only about 48% of UAE households own their own homes, compared with 94%in Singapore and 65 per cent in the US.
“Rather than focusing simply on bricks and mortar, GCC housing policies should aim to build vibrant communities, create jobs, enhance social welfare and ensure a healthy environment,” said Ramy Sfeir, a Strategy& partner.