UAE leads Gulf real estate deals in 2023
UAE takes The Lead In Gulf Real Estate Transactions In 2023
The UAE emerged as the leader in real estate transactions among Gulf Cooperation Council (GCC) countries in 2023, surpassing expectations for the year. According to a report by Kamco Invest, the total value of real estate deals in the GCC reached $171.6 billion from January to October 2023, exhibiting a 21.1% annual growth. Dubai played a pivotal role, accounting for 52.1% of the total value, with its real estate deals experiencing a remarkable 57% annual surge, driven by rising prices from leading developers and heightened demand for luxury properties valued at over Dh5 million. Abu Dhabi also contributed significantly, witnessing a 56% increase in real estate deals during the first nine months of 2023, collectively elevating the UAE’s real estate market performance beyond the 2022 estimates of $165.8 billion.
Furthermore, the report emphasized the strong performance of real estate stock indices in both the UAE and Saudi Arabia, exhibiting substantial gains throughout the initial 11 months of the year. The Gulf real estate total yield index, as disclosed by Refinitiv, showcased a sectoral performance surge of 19.2%, surpassing the Morgan Stanley Gulf Index. This growth was driven by robust development indices in Dubai (32.9%), Abu Dhabi (29%), and Saudi Arabia (21.4%). These results underscore the UAE’s preeminent position and the overall resilience of the Gulf real estate market in 2023, portraying a testament to the region’s enduring economic strength.
Furthermore, the report emphasized the strong performance of real estate stock indices in both the UAE and Saudi Arabia, exhibiting substantial gains throughout the initial 11 months of the year. The Gulf real estate total yield index, as disclosed by Refinitiv, showcased a sectoral performance surge of 19.2%, surpassing the Morgan Stanley Gulf Index. This growth was driven by robust development indices in Dubai (32.9%), Abu Dhabi (29%), and Saudi Arabia (21.4%). These results underscore the UAE’s preeminent position and the overall resilience of the Gulf real estate market in 2023, portraying a testament to the region’s enduring economic strength.
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