GCC projects spend $7.2 billion on interiors.
A recent report has revealed that GCC projects spent over $7.2 billion on interiors and fit-outs in 2012 and expects that spending to increase by 28 per cent to $9.2 billion in 2013.
The report by Ventures Middle East was released with findings from the Index International Design Exhibition and The Office Exhibition, the Middle East and North Africa's largest and longest running interior design and fit out exhibition, which starts today.
The report included an analysis on the four pillars of the real estate sector -- commercial, hospitality, residential and retail -- and stated that interior spends now account for 10 to 20 per cent of the total costs of GCC projects.
The report also revealed that the Saudi demand for interiors and fit outs surpassed the UAE's in the last quarter of 2012 and now has a share of 38 per cent on the back of heavy government spending, nudging ahead of the UAE's 36 per cent. Kuwait and Qatar each have a market share of 16 per cent while Oman doubled spending to four per cent. Bahrain showed a decline in interiors and fit out spends with a negative growth rate of 10 per cent.
"As demand for interiors and fit outs mirrors project completions, refurbishments and tighter budgets were the trend during 2011 and 2012. Ideas such as better space management, flexibility and environmental sustainability in design and open plan layouts gained ground. The GCC interiors and fit outs market is now moving towards a more personality driven design trend as the market is coming back," said Frederique Maurell, event director for Index 2013 and The Office Exhibition.
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