UAE drives GCC real estate deals’ surge to $143.1b

UAE drives GCC real estate deals’ surge to $143.1b

Dubai and Abu Dhabi combined contributed to over 48 per cent of the aggregate value transacted, while Saudi added 35.6 per cent to the region’s transactions

A general view of Riyadh. Saudi’s residential sector’s demand will continue to be driven by Vision 2030’s target of increasing home ownership to 70 per cent by end of the decade. — Reuters

Published: Sun 1 Jan 2023, 4:44 PM Last updated: Sun 1 Jan 2023, 4:45 PM

Driven by the buoyant UAE property sector, real estate sale transactions across the GCC over January-October 2022 reached $143.1 billion, eclipsing the full-year figure of $136.9 billion in 2021 as all sub-segments performed better year-on-year.

Dubai and Abu Dhabi combined contributed to over 48 per cent of the aggregate value transacted, while Saudi added 35.6 per cent to the region’s transactions.

The higher transaction activity in the region was driven by an 81 per cent surge in value transacted in Dubai 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, according to Kuwait-based Kamco Invest.

The total value of the region was nearly 21 per cent higher year-on-year compared to the corresponding period from January to October 2021.

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