Dubai to retain GCC realty market lead in 2024

Dubai to retain GCC realty market lead in 2024

In the first 10 months of 2023, real estate sale transactions in the GCC reached $171.6 billion, up 21.1 per cent year-on-year. — File photo

Published: Thu 28 Dec 2023, 6:03 PM

Dubai’s real estate sector, which accounted for more than half of the GCC’s transactions worth $171.6 billion in 2023, will continue to dominate the region’s buoyant property market in 2024, realty analysts said.

The region’s real estate supply in most segments could quickly get sensitive to market wide headwinds in 2024, but frontline developers with strong liquidity, particularly in Dubai and Riyadh, should be able to calibrate swiftly to bring the right product types to the market, analysts at Kamco Invest said.

Residential developers in Dubai and Riyadh “who possess dominant brand equity, an attractive product mix, and market sensitive payment plans” can achieve sell-through of its new launches in build-to-sell (BTS) portfolio going forward, Office markets in Dubai and Riyadh are also expected to remain strong as they compete for their market share of regional headquarters (RHQ) and new Grade-A office space supply from developers remains limited", they said in their GCC Real Estate Update.

“For retail, best-in-class super regional malls and community linked malls in key markets should witness strength in