Dubai Leads GCC Real Estate Market with Highest Share of Deals in 2023

The UAE has been shining bright in the real estate market, with a recent economic report showing it has topped the Gulf Cooperation Council (GCC) countries in terms of the total value of real estate deals conducted in the first ten months of 2023. Dubai Marina, a key hub for global investors, has been a major contributor to this success.

According to a report by Kamco Invest company, the value of real estate deals in the GCC countries reached an impressive $171.6 billion from January to October 2023, marking a substantial growth of 21.1 percent annually. Dubai alone accounted for 52.1 percent of the total value of real estate deals in the region, with a surge of almost 57 percent annually during the same period.

The increase in real estate deals in Dubai can be attributed to a rise in prices of leading developers and increased demand for luxury properties, including both single-family and multi-family homes valued at over Dhs5 million. Abu Dhabi also saw a significant jump of 56 percent in real estate deals during the first nine months of 2023, further enhancing the overall value of real estate deals for the UAE in the GCC market.

The report also highlighted the strong performance of real estate stock indices in the UAE and Saudi Arabia, with both countries witnessing significant gains during the first 11 months of the year. The Gulf real estate total yield index rose by 19.2 percent, outperforming the Morgan Stanley Gulf Index, thanks to the robust growth of real estate development indices in Dubai, Abu Dhabi, and Saudi Arabia.

Overall, the UAE’s real estate market continues to attract investors and outperform expectations, positioning itself as a top destination for global real estate investments. Dubai Marina, with its breathtaking views and attractive investment opportunities, remains a key player in the region’s real estate success story.