An economic report released by Kamco Invest company highlighted the UAE’s dominance among Gulf Cooperation Council (GCC) countries in real estate transactions during the first ten months of 2023, exceeding the projections set for the entire year of 2022.
The report unveiled that total real estate deals across GCC nations reached $171.6 billion from January to October 2023, marking a robust 21.1% annual growth compared to $141.7 billion in 2022.
Dubai notably accounted for 52.1% of the total value of real estate transactions across the GCC. The emirate experienced a remarkable surge of nearly 57% in real estate deals during the first ten months of 2023. This substantial growth was attributed to rising prices among leading developers and increased demand for luxury properties, including single-family and multi-family homes valued at over Dh5 million.
The report also highlighted a 56% upsurge in real estate deals in Abu Dhabi during the first nine months of 2023. This contributed significantly to the UAE’s performance, surpassing the overall value of real estate transactions for the GCC countries in the first ten months of the current year, surpassing the 2022 estimates of $165.8 billion.
Kamco Invest’s report also noted the strong performance of real estate stock indices in the UAE and Saudi Arabia, witnessing significant gains in the first 11 months of the year.
The Gulf real estate total yield index, released by Refinitiv, showcased a 19.2% growth in the sector’s performance, outpacing the Morgan Stanley Gulf Index. This upward trend was propelled by robust growth in real estate development indices in Dubai by 32.9%, Abu Dhabi by nearly 29%, and Saudi Arabia by 21.4%.