Real estate transactions in the UAE are leading in the Persian Gulf in 2023.

The Dubai real estate market has been boosted by increased demand for luxury properties, being developed for both high-rise and single-story residential buildings priced over 5 million dirhams.

The economic report indicates that the UAE has emerged as the leader among the countries of the Gulf Cooperation Council (GCC) in terms of the total value of real estate transactions during the first ten months of 2023, surpassing forecasts for 2022.

According to a report published today by Kamco Invest, the value of real estate transactions in the GCC countries reached $171.6 billion (630 billion dirhams) from January to October 2023, representing an annual growth of 21.1 percent compared to $141.7 billion in the same period of 2022.

It has been noted that Dubai accounted for 52.1 percent of the total value of real estate transactions conducted across all GCC countries. The value of real estate transactions in Dubai increased by nearly 57 percent year-on-year during the first ten months of 2023. This was largely due to rising prices from leading developers and increased demand for luxury properties being built for both multi-story and single-story residential homes priced over 5 million dirhams.

Furthermore, the report indicates that the value of real estate transactions in Abu Dhabi increased by 56 percent in the first nine months of 2023.

The report also notes that real estate indices in the UAE and Saudi Arabia continued their successful development, experiencing significant growth in the first 11 months of the current year.

According to the Gulf Real Estate Total Yield Index published by Refinitiv, the performance of the real estate sector has increased by 19.2 percent, surpassing the Morgan Stanley Gulf Index. This growth is attributed to the successful development of real estate indices in Dubai, which rose by 32.9 percent, Abu Dhabi by about 29 percent, and Saudi Arabia by 21.4 percent.