The introduction of new freehold property laws in the GCC has had far reaching effects in many other regional industries, experts maintain. As a result of increased investment in Gulf real estate following introduction of the laws, the GCC flooring industry is expected to experience four-fold annual growth over the coming decade, for instance.
"The wood flooring sector in particular has grown substantially and the quality of products being purchased has also increased," UAE-based Walls and Floors Middle East chief executive officer Ali Nikzad said, according to Gulf News Daily.
"On the commercial front, new airport projects such as Dubai World Central and Doha International Airport and a region-wide increase in hospitals and office towers have also contributed to the boom in the flooring market," adeed Nikzad at the recent DOMOTEX Middle East flooring and carpet trade show—the first trade show specializing in such products in the region.
Nikzad explained that other sectors could also expect to benefit greatly from the effects of the new freehold property law, including the GCC tourism sector, which would maintain its growth for many more years to come.
"Lots of mega-projects are just in their infancy and even when we get to a situation where they are all complete, there will still be demand from the refurbishment market," he explained.
