In 2023, the real estate markets in Dubai and Abu Dhabi experienced remarkable growth, according to a report released by Kamco Invest. The report indicates that real estate deal flow in Dubai surged by an impressive 57%, while Abu Dhabi witnessed a substantial 56% increase. The timeframes for these surges were the first ten months of 2023 for Dubai and the first nine months for Abu Dhabi.
Several factors were identified as drivers of the robust performance in the Dubai real estate market. Notably, the prices of properties developed by leading real estate developers witnessed an upward trend. Additionally, there was a notable surge in demand for luxury properties, both single-family and multi-family homes, with a valuation exceeding Dhs5m.
Dubai’s prominence in the real estate sector was further underscored by the fact that it accounted for a significant 52.1% of the total value of real estate deals across all GCC countries. This dominance reflects the city’s stature as a key player in the Gulf region’s real estate landscape.
On a broader scale, the report revealed that the overall growth of the real estate market in GCC countries reached $171.6bn in deals during the period from January to October 2023. This marked a substantial annual increase of 21.1% compared to the same period in 2022, where deals amounted to $141.7bn. The findings suggest a robust and dynamic real estate market across the GCC, with Dubai and Abu Dhabi emerging as major contributors to this growth.
