UAE’s market performance contributed to enhancing the total value of real estate transactions in the Gulf countries during the period from January to October 2023, surpassing the full year of 2022, during which it reached $ 165.8 billion.
The value of real estate transactions in the GCC increased by 21.1% during the first ten months of this year to $ 171.6 billion, compared to $ 141.7 billion in the same period in 2022, according to a report by KAMCO Invest.
Dubai accounted for 52.1% of the total value of real estate transactions across the region as a whole, offsetting the decline in other key markets such as Saudi Arabia, Qatar, and Kuwait.
The value of real estate transactions in Dubai increased almost 57% year-on-year in the first ten months of 2023, according to data released by DXB Enteract, while real estate transactions in Abu Dhabi jumped 56% in the first nine months of 2023.
Residential property prices in key markets continued to increase until the third quarter of 2023, supported by strong demand for investment property and slowing project completion.
In Dubai, prices rose 18.4% through November 2023 year-on-year, according to Value Straat. In Abu Dhabi, residential price growth fell 3% year-on-year by the end of the third quarter of 2023, according to JLL.
In the Saudi capital Riyadh, real estate sales prices rose 7% year-on-year by the end of the third quarter of 2023, according to JLL, and Jeddah also saw similar price growth of 7% year-on-year.
The report predicts that 2024 will see a moderate pace of price and rent growth in key markets, with the exception of distinctive residential projects offered by developers with leading brands and pricing power.
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