Dubai, Saudi real estate markets poised for solid growth

Dubai, Saudi real estate markets poised for solid growth

The real estate markets of Dubai and the Kingdom of Saudi Arabia (KSA) are poised for further growth in 2023 mainly driven by the spurt in residential sales across both geographies, according to Deloitte, a leading professional services network.

In its ninth annual Middle East Real Estate Predictions 2023 report, Deloitte provides a positive outlook for 2023 and delves into different real estate segments including hospitality, residential, retail, commercial office space and industrial.

Among the key findings, the report reveals the recovery post-Covid-19 of tourism in both Dubai and KSA, with the key indicators within the hospitality sector being the increase over the past year in occupancy and average daily rates (ADR).

It also highlights the growth in residential sales across both geographies, as well as the rise in rent prices of commercial office space in Dubai.

According to Deloitte, the significant growth of KSA’s gross domestic product is making it among the most attractive global destinations for investors.

Employment forecasts from Oxford Economics indicate the financial and business services segment registered a year-on-year growth of 12% in KSA.

Stefan Burch, Partner and Head of Real Estate at Deloitte Middle East, said: "As global economies fully re-open post pandemic, we predict continued growth in the Saudi