Branded residences on the rise in Middle East

RIYADH: One hundred branded residences opened across the Middle East in 2020 despite strained economic conditions caused by the coronavirus pandemic, demonstrating the growing popularity of the real estate sector in the region.

According to a report by global real estate consultancy firm Savills, the growth of such schemes over the past decade has outpaced hoteliers, rising from 11 percent of the  market in 2010 to 16 percent in 2020.