Sustainability and international investment to drive real estate in 2008

Sustainabity, better quality construction and transparency will be the key drivers of the GCC real estate market over the next year, according to new research by Jones Lang LaSalle.

The region is also expected to become a more prominent area of investment for international investors.

According to Blair Hagkull, managing director of Jones Lang LaSalle, international investment in the region is currently only served by companies in the GCC or Pakistan and India.

"It's amazing how few global investors are active in these projects - few of the global 100 real estate investors are here." he said.

"But 2008 will be the year that the world discovers the importance of GCC real estate."

Hagkull added that factors such as greater transparency, better quality construction and greater access to local debt markets would spur more international investment.

Sustainability is also expected to become a major market influence this year.

"We believe that the UAE can lead the world on this issue where, free fro the legacy of decades of un-environmental developments, a framework for sustainability can be conceived and implemented that leads and surpasses global best practice."