Deloitte predicts further growth in 2023 for real estate markets in Dubai and Saudi Arabia

Deloitte predicts further growth in 2023 for real estate markets in Dubai and Saudi Arabia

Middle East : Deloitte released its ninth annual Middle East Real Estate Predictions 2023 report focused on the performance of Dubai and Saudi Arabia’s real estate markets over the past year. The report provides a positive outlook for 2023 and delves into different real estate segments including hospitality, residential, retail, commercial office space and industrial.

Among the key findings, the report reveals the recovery post-COVID-19 of tourism in both Dubai and the Kingdom of Saudi Arabia (KSA), with the key indicators within the hospitality sector being the increase over the past year in occupancy and average daily rates (ADR). The report also highlights the growth in residential sales across both geographies, as well as the rise of rent prices of commercial office space in Dubai. While the significant growth of KSA’s gross domestic product (GDP) is making it among the most attractive global destinations for investors.

“As global economies fully re-open post pandemic, we predict continued growth in the Saudi Arabian real estate market throughout 2023. Growth is set to be driven by robust spending across a wide range of government initiatives as well as a strong private sector that is responding to pent up levels of demand for good quality real