Half of the real estate deals in the Gulf are in Dubai

30 / July

The value of real estate transactions in the GCC countries during the first half of 2023 reached $90.7 billion, a growth of 9.9% year on year, compared to $82.5 billion in the first half of 2022, according to an analysis of available official estimates issued by KAMCO.

Real estate deals in Dubai accounted for 54% of the total value of deals in the region as a whole, and were able to compensate for the decline recorded by a number of other major markets such as Saudi Arabia, Qatar and Kuwait.

The value of real estate deals in Dubai increased by approximately 57% on an annual basis in the first half of the year 2023, according to data issued by DXB Interact, with the main support from rising prices and the growing demand for luxury real estate for both the categories of single-family and multi-family homes. The affordable real estate sector is also growing at good rates.

The number of deals in the GCC countries declined by 8.4% on an annual basis during the first half of 2023 to 286,610 deals, despite the huge jump of more than 42% in real estate deals in Dubai, given that some other markets such as Saudi Arabia Qatar and Kuwait witnessed less activity compared to the same period in the first half of 2022. However, the average value of a single real estate transaction in the GCC countries increased during the first half of 2023 by 20.1 percent on an annual basis, which indicates an increase in investment demand and price strength. .