Dubai accounted for 52.1% of the total value of real estate transactions in the Gulf Cooperation Council countries in the first 10 months of this year, which was about $171.6 billion (630 billion dirhams), up 21.1% compared to the previous year. During the same period last year, 2022, the emirate managed to offset the decline of other key markets such as Saudi Arabia, Qatar and Kuwait.
The “Real Estate Sector for the Gulf Cooperation Council Countries” report published by “Comco Invest” shows that the value of deals seen in the emirate (about 328.2 billion dirhams) increased by about 57% on a year-on-year basis between January and mid-January. October 2023, according to data provided by “DXB Interact”.
A copy of the report obtained by Emirates Today explained that this was primarily due to price hikes by leading developers and rising demand for “single-family homes” and luxury real estate under construction. “Multi-Family Homes,” valued at more than five million. Dirham. He pointed out that the UAE accounted for the largest proportion of the value of real estate transactions among the Gulf Cooperation Council countries from the start of 2023, exceeding expectations throughout 2022.
According to the report, data for Abu Dhabi was only available for nine months to 2023; The value of real estate transactions in Abu Dhabi rose by 56% during that period.
The report confirmed that the performance of UAE markets contributed to an increase in the total value of real estate transactions in the Gulf Cooperation Council countries in the first 10 months of 2023, surpassing the 2022 estimates of $165.8 billion.
He pointed out that the average value of Gulf real estate transactions increased by 22.1% year-on-year. This is in light of investors appreciating the value of leading real estate products available in the market despite the high prices demanded by developers.
The report indicated that late-cycle strong pricing will continue for premium, high-end properties across real estate sub-sectors in the GCC countries, with this growth expected to be achieved only in certain markets. Investors are characterized by selecting and monitoring economic activity and interest rates in general.
The value of real estate transactions in the Gulf countries during January to October 2023 was $171.6 billion.
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