What are the likely implications of lower oil prices for real estate in the GCC ?

What are the likely implications of lower oil prices for real estate in the GCC ?

After hitting nearly US$108/barrel inJune, the average Organization of Petroleum Exporting Countries’ (OPEC) reference price fell to just under US$76/ barrel last month. Despite the sharp fall though, OPEC decided to leave its output ceiling at 30 million barrels per day (b/d) at the meeting in Vienna last month – a notable departure from its traditional stance of cutting production in order to prevent prices from sliding further.

Source : Knight Frank