An economic report has highlighted that the United Arab Emirates led Gulf Cooperation Council (CCG), acquiring the largest proportion of the total value of real estate transactions carried out during the first ten months of 2023, exceeding expectations for the entire year 2022.
The report, published today by Kamco invest The company said the value of real estate businesses in GCC countries reached $171.6 billion from January to October 2023, growing by 21.1 percent annually compared to $141.7 billion in the previous year. same period of 2022.
The report highlighted that Dubai accounted for 52.1 percent of the total value of real estate transactions executed across all GCC countries. The value of real estate deals in Dubai increased almost 57 percent year-on-year during the first ten months of 2023, significantly driven by rising prices from major developers and increased demand for luxury properties under construction for single-family and multi-family homes. . valued at over AED 5 million.
Additionally, the report noted that the value of real estate transactions in Abu Dhabi increased by 56 percent during the first nine months of 2023. This contributed to the performance of the UAE markets in improving the overall value of real estate transactions for the GCC countries. during the first ten months of the current year, exceeding estimates for all of 2022, which stood at $165.8 billion.
Furthermore, according to Kamco InvestsAccording to the report, real estate stock indices in the UAE and Saudi Arabia continued their strong performance, witnessing significant gains during the first 11 months of the current year.
According to the Gulf Real Estate Total Return Index released by Refinitiv, the sector’s performance increased 19.2 percent, outperforming Morgan Stanley’s Gulf Index. This growth was driven by the strong performance of real estate development indices in Dubai at 32.9 percent, Abu Dhabi at around 29 percent and Saudi Arabia at 21.4 percent.
News source: Emirates News Agency