The value of real estate transactions in Gulf Cooperation Council (GCC) countries rose to $90.7 bn in the first half of the current year, compared to $82.5 bn in the first half of the previous year, marking a growth of 9.9%, Invest-Gate reports.

Analysis of available official estimates by KAMCO Investment revealed that the real estate transactions in Dubai accounted for 54% of the total value of real estate deals in the GCC countries during the first half of this year.

According to the data, the number of transactions in the GCC countries declined by 8.4% annually during H1 2023, totaling 286,610 deals. This decrease was attributed to lower activity in markets such as Saudi Arabia, Qatar, and Kuwait than in H1 2022.

Meanwhile, the average value of a single real estate transaction in GCC countries increased by 20.1% yearly during H1 2023, indicating growing investment demand and price strength.

According to data from DXB Entertainments, the value of real estate transactions in Dubai increased by approximately 57% annually in H1 2023, driven by the growing demand for luxury properties in single-family and multi-family homes.

The latest data from Zoom Property Insights predicts that property prices in Dubai will rise by an average of 20%, and the luxury housing sector will continue to dominate with a 13.5% annual growth rate in 2023.

This comes amid increasing property prices and annual rents, with a growing interest from high-net-worth individuals and foreign investors.