The UAE emerges as the leader in Gulf real estate transactions, with Dubai spearheading the surge, capturing 52.1% of the total GCC deals. Dive into the economic report by Kamco Invest, unveiling the unprecedented growth, soaring values, and the driving forces behind this real estate phenomenon.
The thriving real estate landscape in the United Arab Emirates (UAE) has once again taken center stage, showcasing a remarkable performance in the Gulf Cooperation Council (GCC) region. According to a recent economic report from Kamco Invest, the UAE surpassed expectations by claiming the highest share of the total value of real estate deals during the initial ten months of 2023.
Dubai’s Dominance: A Whopping 52.1% Share
Dubai, the glittering gem of the UAE, emerged as the frontrunner, contributing a staggering 52.1% to the total value of real estate deals conducted across all GCC countries. The Emirate’s real estate market experienced a remarkable upswing, with deals surging by nearly 57% annually in the first ten months of 2023.
This phenomenal growth can be attributed to a confluence of factors, including the escalating prices of properties developed by key industry players and an escalating demand for luxury properties. Notably, the surge extended across single-family and multi-family homes, particularly those valued at over Dh5 million.
Abu Dhabi’s Ascendancy: A 56% Jump in Real Estate Deals
Abu Dhabi, the UAE’s capital, played a significant role in bolstering the nation’s real estate prowess. The city witnessed a remarkable 56% surge in real estate deals during the first nine months of 2023, further contributing to the overall stellar performance of the UAE’s real estate market.
Exceeding Expectations: Beating 2022 Estimates
The collective value of real estate deals in the GCC countries reached an impressive $171.6 billion (Dh630 billion) from January to October 2023. This marked a robust annual growth of 21.1%, outshining the $141.7 billion recorded during the same period in 2022. The UAE, particularly Dubai, played a pivotal role in surpassing the estimated value for 2022, which stood at $165.8 billion.
Market Indices Soar: A Glimpse into the Financial Landscape
The report sheds light on the robust performance of real estate stock indices in both the UAE and Saudi Arabia. These indices demonstrated significant gains throughout the first 11 months of 2023. According to the Gulf real estate total yield index by Refinitiv, the sector’s performance soared by an impressive 19.2%, surpassing the Morgan Stanley Gulf Index.
Dubai’s real estate development indices led the charge with a remarkable 32.9% growth, closely followed by Abu Dhabi with approximately 29%, and Saudi Arabia with a substantial 21.4% increase.
Conclusion: A Golden Era for UAE Real Estate
As the UAE continues to lead the charge in Gulf real estate, Dubai stands out as the crown jewel, capturing over half of the total deals in the region. With soaring values, robust performance indices, and an unwavering demand for luxury properties, the UAE’s real estate sector paints a picture of resilience and growth, unlocking the golden gates to a new era of prosperity.
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