GCC Real Estate Sale Transactions Reaches $143.1 Bn

GCC Real Estate Sale Transactions Reaches $143.1 Bn

Real estate sale transactions in the GCC over Jan-Oct 2022 reached $143.1 billion, eclipsing the full-year figure of 2021, which was $136.9 billion.

According to Kuwait-based KAMCO Investment Company, the total value of the region was nearly 21 percent higher year-on-year compared to the corresponding period from January to October 2021.

The higher transaction activity was driven by value transacted in Dubai that increased almost 81 percent year-on-year over the period, supported by solid demand and price gains witnessed by luxury residential properties and healthy revenues in the affordable segment.

The report, of which Asharq Al-Awsat obtained a copy, stated that the number of transactions in the GCC declined by six percent over Jan-Oct 2022 to 511,239 deals despite a jump of over 61 percent witnessed in Dubai, as other markets such as Saudi Arabia, Qatar, and Kuwait saw the lower activity as compared to the same period in 2021.

The average value per transaction achieved for markets such as Saudi Arabia (+35.5 percent) and Dubai (+12.2 percent) was significantly higher, pointing toward end-user solid demand and investment appetite.

"We reiterate that 2022 will be the new base year for the office real estate demand for both new and existing stock of office spaces. Separately,