UAE leads Gulf real estate deals in 2023

UAE leads Gulf real estate deals in 2023

An economic report has highlighted the UAE topped Gulf Cooperation Council (GCC) countries, acquiring the highest share of the total value of real estate deals conducted during the first ten months of 2023, surpassing the expectations for the entire year of 2022.

The report, issued today by Kamco Invest company indicated that the value of real estate deals in the GCC countries reached $171.6 billion from January to October 2023, marking a growth of 21.1 percent annually as compared to $141.7 billion in the same period of 2022.

The report highlighted that Dubai accounted for 52.1 percent of the total value of real estate deals executed across all GCC countries. The value of real estate deals in Dubai surged by almost 57 percent annually during the first ten months of 2023, driven significantly by the rise in prices of leading developers and increased demand for luxury properties under construction for both single-family and multi-family homes valued at over AED5 million.

Additionally, the report pointed out that the value of real estate deals in Abu Dhabi jumped by 56 percent during the first nine months of 2023. This contributed to the performance of the UAE markets in enhancing the overall value of real estate