Abu Dhabi: An economic report has highlighted the UAE topped Gulf Cooperation Council (GCC) countries, recording the highest share of the total value of real estate deals conducted during the first ten months of 2023, surpassing the expectations for 2022.
The report, issued today by Kamco Invest company indicated that the value of real estate deals in the GCC countries reached $171.6 billion (Dh630 billion) from January to October 2023, marking a growth of 21.1 per cent annually, as compared to $141.7 billion in the same period in 2022.
The report highlighted that Dubai accounted for 52.1 per cent of the total value of real estate deals executed across all GCC countries.
The value of real estate deals in Dubai surged by almost 57 per cent annually during the first ten months of 2023. This was driven significantly by the rise in prices of leading developers and increased demand for luxury properties under construction for both single-family and multi-family homes valued at over Dh5 million.
Additionally, the report pointed out that the value of real estate deals in Abu Dhabi jumped by 56 per cent during the first nine months of 2023. This contributed to the performance of the UAE markets in enhancing the overall value of real estate deals for the GCC countries during the first ten months of the current year, surpassing the estimates for 2022, which stood at $165.8 billion.
The report added that 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.
As per the Gulf real estate total yield index released by Refinitiv, the sector’s performance rose by 19.2 per cent, surpassing the Morgan Stanley Gulf Index. This growth was propelled by the strong performance of real estate development indices in Dubai by 32.9 per cent, Abu Dhabi by around 29 per cent, and Saudi Arabia by 21.4 per cent.