- Dubai leads the charge as UAE’s real estate sector gains momentum in 2023
UAE poised to overtake Saudi Arabia as leading real estate market in GCC
UAE is on track to overtake Saudi Arabia as the leading property market in the Gulf Cooperation Council (GCC) region, according to a report by ZāZEN Properties.
The report said that the country currently holds approximately 21.6 percent of the GCC’s market share, making it the second-largest market in the region.
The total value of real estate projects across the GCC is currently worth approximately $1.36 trillion, with Saudi Arabia accounting for about 64.5 percent of these developments, with roughly $877 billion in projects, the report said.
Dubai real estate market
In addition, Dubai in particular is leading the charge, with an abundance of property deals carrying over momentum from 2022.
In the last week alone, the emirate registered 3,903 real estate transactions worth approximately $2.8 billion, according to data by the Dubai Land Department (DLD).
Furthermore, analysts had previously estimated that Dubai would only have the capacity to accommodate an average of 25,000 new residential units annually until 2030, but the emirate is on a trajectory to supply one million new households before the end of the decade.
The UAE’s real estate appeal has been bolstered by the Dubai Economic Agenda (D33), which is increasing the UAE’s attraction.
Enhanced business and living legislations, followed by attractive visa reforms, are continuing to lure residents to Dubai, especially as EU countries like Greece, Portugal, and Ireland tighten restrictions.
“The innovative mindset of the UAE’s forward-thinking leadership has helped the country rank 31st globally, and 1st regionally, in the Global Innovation Index. A willingness to push the limits of what most think is impossible has helped them achieve this feat and led to a consistent climb up this leaderboard since 2018,” ZāZEN Properties co-founder and chief operating officer Madhav Dhar said.
The DLD also recently launched an ‘Instant Sale’ feature last week, that leverages smart evaluation technology in real estate transactions to bypass the need for audits, enabling property purchases to be conducted securely in a matter of minutes.
“The emirates’ real estate market has been a prime beneficiary and as the UAE strives to build upon this success and fulfill ambitious targets, including sustainable developments, the country’s real estate sector will continue flourishing,” Dhar added.
