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Thursday, February 22, 2024

Dubai retains GCC Reality Market Lead in 2024

Dubai’s real estate sector, representing over half of the GCC’s $171.6 billion transactions in 2023, is poised to maintain its dominance in the regional property market in 2024, according to analysts. Despite potential market challenges, developers with strong liquidity, particularly in Dubai and Riyadh, are expected to adapt quickly. The residential markets in these cities, with robust brand equity and market-sensitive payment plans, are predicted to witness success. Office markets in Dubai and Riyadh are anticipated to remain robust, while retail and industrial warehouse spaces, particularly specialized warehouses, are expected to see continued demand. In the first ten months of 2023, real estate transactions in the GCC reached $171.6 billion, with Dubai contributing 52.1% of the total transacted value. The UAE markets surpassed the full-year estimate for 2022, with strong off-plan transactions and increased average value per transaction. The GCC real estate sector is projected to reach $4.43 trillion in 2023, driven by Saudi Arabia and the UAE, accounting for around 5.5% of their respective GDPs.

(Courtesy ZAW)

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