UAE’s real estate sector to remain resilient in 2023: JLL MENA

UAE’s real estate sector to remain resilient in 2023: JLL MENA

Property consultancy firm JLL has shared insights from its report, which offers a perspective of the sector’s performance in 2022 while showcasing the opportunities for this year. The report revealed that despite macroeconomic volatilities impacting the global real estate landscape, the country witnessed strong momentum in the last quarter of 2022, signalling a steady growth pipeline in 2023. Faraz Ahmed, associate, Research at JLL MENA, said that 2022 was a year of “sustained growth for the UAE’s real estate sector as it continued to gather pace while benefiting from the country’s reliable economic policies, excellent infrastructure, safe haven status, and innate ability to adapt to new trends”. He added: “Even segments like retail that faced headwinds initially in the year, recovered significantly in the last quarter. Looking ahead, we can expect the UAE to continue to attract the attention of both regional and international investors with aspirational offerings within the sector.” Residential transaction activity in Dubai was robust last year. Data from Dubai Pulse further demonstrated that transaction volumes in the emirate were up 51 per cent between January and November 2022 while the value of transactions rose by 55 per cent. In addition, the delivery of 38,000 residential units