Economic resilience and robust demand propel the UAE’s real estate performance in 2023: JLL

Economic resilience and robust demand propel the UAE’s real estate performance in 2023: JLL

Warehouse rentals see an increase; e-commerce, 3PL players, oil and gas industry, and manufacturing sector to drive the UAE’s industrial sector this year Over 370,000 sq. m. of retail space delivered in Abu Dhabi and Dubai during 2023; Average increase of 5% in rents for both primary and secondary malls in both cities in Q4 2023 More than 36,000 units, majority apartments, were delivered in Dubai, and over 5,000 were completed in Abu Dhabi continuing the positive momentum in the UAE’s residential sector; developers to prepare for an increase in land prices and construction costs 5,000 keys added in Dubai resulting in a total stock of 153,000 keys whereas 200 keys bring the total stock to over 32,500 keys in Abu Dhabi. New tourism destinations and entertainment concepts to serve as catalysts for the growth of the hospitality sector in 2024 Dubai, United Arab Emirates – As the UAE continued to demonstrate resilience in the face of challenging global economic conditions, the real estate sector witnessed robust growth across all the major asset classes in 2023, revealed JLL’s ‘A Year in Review’ UAE report. Faraz Ahmed, Research Director at JLL MENA, said: “Throughout 2023, the UAE’s real estate industry remained a