Dubai accounted for 52.1% of the total value of real estate transactions in the GCC in the first 10 months of 2023, followed by Abu Dhabi with 21.9%.
In fact, the value of real estate transactions in the GCC reached $171.6 billion in the first 10 months of 2023, up 21.1% from the same period in 2022.
And it continued to grow in 2023 led by Dubai and Abu Dhabi.
Those details are according to a report by Kamco Invest.
Dubai accounted for 52.1% of the total value of real estate transactions in the GCC.
In the first 10 months of 2023, Dubai dominated the real estate market in the GCC with 52.1% from transactions total value.
Abu Dhabi followed Dubai with 21.9% of transactions.
Mentioning that the value of real estate transactions in Dubai increased by 57% in the first 10 months of 2023.
Due to the strong demand for luxury properties, particularly villas.
The report expects real estate prices in the GCC to continue to grow in 2024, but at a slower pace.
Residential property prices could rise by 5-7% in 2024.
While office rents are expected to rise by 3-5%.
The UAE ranked first in the world during the year 2023 in terms of the general occupancy rate of hotel establishments at a rate of more than 84.6%, driven by the strong performance of the leisure and business tourism sector. pic.twitter.com/T3oGrU1NRZ
— UAE Voice (@uae_voiceeng) December 26, 2023
The report also highlighted the following trends in the GCC real estate market in 2023:
- Strong demand for office space in Dubai and Riyadh, from both regional headquarters and local companies.
- Continued demand for high-quality industrial warehouses, particularly in Dubai, Abu Dhabi, and Saudi Arabia.
- Rising rents in retail malls in all GCC markets except Doha.
- Strong performance of real estate developer stocks in the UAE and Saudi Arabia.
The GCC real estate market is expected to remain strong in 2024.
but that investors should be mindful of the potential risks posed by rising interest rates and economic uncertainty.
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