2023: UAE leads in real estate deals in the Persian Gulf

The report emphasized that Dubai accounts for 52.1% of the total number of transactions within the Gulf Cooperation Council (GCC). The economic report highlighted that the UAE has become the leader among the GCC countries, marking the highest share of the total value of real estate transactions carried out in the first ten months of 2023, exceeding expectations for 2022. A report released today by Kamco Invest indicated that the value of real estate transactions in GCC countries amounted to $171.6 billion (AED 630 billion) from January to October 2023, marking an annual growth of 21.1 percent compared to $141.7 billion in the same period of 2022.The report highlights that Dubai accounts for 52.1 percent of the total value of real estate transactions conducted in all GCC countries.

The value of real estate transactions in Dubai grew by nearly 57 percent annually in the first ten months of 2023. This was driven by significant price increases at leading developers and increased demand for luxury properties under construction, both single-family and multi-family, priced above AED 5 million.In addition, the report indicates that the value of real estate transactions in Abu Dhabi increased by 56 percent in the first nine months of 2023. This contributed to an improvement in the overall value of real estate transactions for GCC countries during the first ten months of this year, surpassing estimates for 2022, which stood at 165.8 million