Rising population growth together with a lack of urban areas may lead to a shortfall of more than a million housing units in the GCC by the end of 2018, a new report from the management consultants Strategy& has warned.
The total population of the GCC has increased by more than 67 per cent 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 per cent 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
Such a shortfall is exacerbated by inflexible home financing provisions throughout the region, leaving many would-be buyers without access to mortgages, in turn leading to low home ownership.
A year ago the Central Bank of the UAE eased mortgage lending rules, enabling UAE nationals to borrow up to 80 per cent of a property’s value for a first investment of Dh5 million or less, falling to 70 per cent for properties worth more than Dh5m.
A report from the property consultants JLL this week noted that consumers in Saudi Arabia were taking advantage of mortgages to buy homes in cities such as Jeddah. Demand for housing loans from Saudi nationals has been rising rapidly since the kingdom approved its first mortgage law in 2012.
Strategy&, formerly known as Booz & Company, noted, however, that only about 48 per cent of UAE households own their own homes, compared with 94 per cent in Singapore and 65 per cent in the US.
The problem is more acute elsewhere in the region, with just 35 per cent of households in Saudi Arabia and 23 per cent in Qatar owning their homes.
High unemployment across the region means that an increasingly larger portion of the regional population is unable to purchase or even rent homes.
Strategy& noted that while GCC governments had launched mega-housing projects aimed at low-income residents, such units are often designed and constructed without sustainability and community factors, and therefore often do not retain their value over the long term.
A better and more unified approach to the provision of housing is required by governments, according to Ramy Sfeir, another Strategy& partner.
“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,” he said.
Public-private partnerships can be used by governments to enable faster and more sustainable development of housing projects, combine the investment funds and expertise needed to execute and manage housing projects, according to Strategy& ’s findings.
Governments would also be wise to develop financing schemes that more effectively target low-income households, while revamping mortgage laws to offer greater protection for low-income households, the consultants said.
jeverington@thenational.ae
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Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
RESULTS
Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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How to come clean about financial infidelity
- Be honest and transparent: It is always better to own up than be found out. Tell your partner everything they want to know. Show remorse. Inform them of the extent of the situation so they know what they are dealing with.
- Work on yourself: Be honest with yourself and your partner and figure out why you did it. Don’t be ashamed to ask for professional help.
- Give it time: Like any breach of trust, it requires time to rebuild. So be consistent, communicate often and be patient with your partner and yourself.
- Discuss your financial situation regularly: Ensure your spouse is involved in financial matters and decisions. Your ability to consistently follow through with what you say you are going to do when it comes to money can make all the difference in your partner’s willingness to trust you again.
- Work on a plan to resolve the problem together: If there is a lot of debt, for example, create a budget and financial plan together and ensure your partner is fully informed, involved and supported.
Carol Glynn, founder of Conscious Finance Coaching