UAE’s real estate sector to remain resilient in 2023, says report

UAE’s real estate sector to remain resilient in 2023, says report

Despite macroeconomic volatilities impacting the global real estate landscape, the UAE has witnessed strong momentum in the last quarter of 2022, signaling a steady growth pipeline in 2023, according to real estate expert JLL.

In the same context, JLL’s UAE 2022 Year in Review report offers a rear-view mirror perspective of 2022 while underlining the opportunities that lie ahead in the year.

Residential transaction activity in Dubai continued to grow robustly last year. Data from Dubai Pulse further demonstrates that transaction volumes in the emirate were up 51% between January and November while the value of transactions rose by 55%.

Anecdotal evidence suggests that the jump can be largely attributed to the spike in demand from foreign buyers, it stated.

Faraz Ahmed, Associate, Research at JLL Mena, said: "2022 has been 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."

"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