Real estate accounted for 8.2% of the UAE's GDP in 2022 | Gulf News | Blog

Real estate accounted for 8.2% of the UAE's GDP in 2022 | Gulf News

Dubai: Property Finder has published its latest annual report on the development and trends in the real estate market, outlining the key transaction trends and statistics of the rapidly growing real estate sector in the UAE in 2022. According to the latest data from the Central Bank of the UAE, real estate contributed about 8.2% to the country's overall gross domestic product. The Property Finder report highlighted important aspects and research data on consumer trends, the volume of growing real estate transactions in Dubai and Abu Dhabi, which recorded significant growth in sales and foreign investments.

The development of the real estate market in Dubai

The report highlighted the important role of the real estate sector in stimulating the country's economic development.

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The Dubai real estate market showed significant recovery in 2022, alongside a strong rebound in the country's economic activity across all sectors. The outstanding performance of real estate in Dubai led to a substantial increase in the volume of property sales in both new and ready-to-move-in apartments, setting new records in terms of transaction volume and value.

Sales statistics in Dubai and Abu Dhabi

The real estate market in Dubai ended 2022 on a significant upward trend, with a total registered sales volume of around 97,465 transactions
New achievements have also been recorded in the rental sector with the addition of towers in the Jumeirah Lakes Towers, Al Barsha, and Damac Hills areas.
Real estate in Abu Dhabi has shown significant diversity in the property sector, with an increase in transactions driven by foreign investments due to instability in the global economy.

Trends in the investment sector

The report also reported that consumer behavior is evolving rapidly with a growing interest in long-term investments as renters prefer to own their own homes and avoid renting due to a 25% increase in rents. Dubai neighborhoods such as Dubai Marina, Jumeirah Village Circle and Palm Jumeirah have become the most popular among those looking for their own homes.

Investments in Abu Dhabi

The leaders in real estate sales in Abu Dhabi were property sales on the map, which accounted for about 5,046 transactions.
Places like Saadiyat Island, Al Reem Island, Yas Island, and Al Reef have been the most preferred for purchasing housing in the emirate.