Construction projects worth $69.91bn were completed in the GCC in 2013, according to a new study released on Sunday.
Conducted by Ventures ME and commissioned by dmg events, the research also estimated that 2014 would see a 17.4 percent rise in completed projects at $83.41bn and $82.2bn worth of projects will be awarded during the year.
With residential (43.3 percent), commercial (18.2 percent) and educational (10 percent) segments leading the way, the report said 2013 was a positive year for the region's construction market.
Saudi Arabia and the UAE ranked in the top two positions for all sectors with the exception of education and healthcare in which Qatar ranked top with completed projects worth $4.6bn in the educational segment and $1.12bn in the healthcare segment.
The report also said the value of the GCC interior contracting and fit-out market grew by eight percent last year and was worth $7.81bn.
Saudi Arabia was the largest market with a 47.4 percent share followed by the UAE and Qatar.
According to the Ventures ME study, figures for 2014 are expected to increase further for both the building construction and interiors markets.
It said the healthcare sector is expected to grow by 250 percent from a value of $2.4bn registered in 2013, to an estimated value of $8.4bn.
The UAE in particular will be the country with the majority of healthcare buildings completed worth a total value of $3.19bn - almost five times the value registered in 2013.
Frederique Maurell, group event director for INDEX and workspace at INDEX, an exhibition to be held later this month in Dubai, said: "Most segments of the GCC building construction market have recovered significantly from the downturn and 2013 has been positive with residential, education and hospitality segments in particular showing signs of growth and a strong recovery.
"The GCC interior contracting and fit outs sector constitutes approximately 10 to 20 percent of the average construction project value, performing much better than its European and Asian counterparts.
"Worldwide market slowdowns have prompted investors to seek markets that offer growth prospects in the near term and the GCC offers ample growth prospects for the interiors and fit outs market across 2014."
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.