A recent economic report revealed that the UAE accounted for the majority of the value of real estate deals in the Gulf Cooperation Council (GCC) countries during the first ten months of this year, surpassing the entire forecast for 2022. The report, released today by Kamco Invest, indicated that "the value of real estate transactions in the GCC reached $171.6 billion from January to October 2023, marking an annual growth of 21.1% compared to $141.7 billion in the same period of 2022."
The report highlighted that Dubai accounted for 52.1% of the total value of real estate transactions executed across the GCC. The value of real estate deals in Dubai surged by approximately 57% year-on-year during the first ten months of 2023, mainly driven by rising prices from leading developers and increasing demand for luxury properties under construction for both single-family and multi-family homes valued at over 5 million dirhams.
Additionally, the report noted that the value of real estate transactions in Abu Dhabi jumped by 56% during the first nine months of 2023, contributing to the performance of the UAE markets in enhancing the overall value of real estate deals across the GCC during the first ten months of the year, exceeding the entire 2022 estimate of $165.8 billion.
In another context, the Kamco Invest report clarified that the real estate stock indices in the UAE and Saudi Arabia continued their strong performance, witnessing robust gains over the first 11 months of this year. According to the Gulf Real Estate Total Return Index released by Refinitiv, the sector's performance increased by 19.2%, outperforming the Morgan Stanley GCC Index, driven by strong performances in the real estate development sector indices in Dubai (32.9%), Abu Dhabi (approximately 29%), and Saudi Arabia (21.4%).
