New real estate allocations from Saudi Arabia and possibly even Iran will emerge in due course and add to the forecast $180 bn (€133 bn) Middle Eastern spend on real estate, according to a report published by CBRE.
New real estate allocations from Saudi Arabia and possibly even Iran will emerge in due course and add to the forecast $180 bn (€133 bn) Middle Eastern spend on real estate, according to a report published by CBRE.
Speaking exclusively to PropertyEU ahead of the publication of the report, Nick Maclean, managing director at CBRE Middle East Region, said the €180 bn volume refers only to existing flows expected in traditional markets, mainly in Europe, over the next 10 years.
'What it doesn't take into account is new allocations over and above the current allocations and new sources of capital,' Maclean said.
He singled out Saudi governmental institutions that are heavily invested within their own country. 'That's all changing and we see a fundamentally different policy being talked about at the moment in regard to increasing the allocation of investment to overseas markets for the first time. The proportion of that allocation to real estate is actually very significant, and slightly above those of some of the sovereign wealth funds.'
Maclean said Iranian capital may also 'come back on the world stage subject to political decision-making over the next few years.'
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