UAE’s real estate market is set to withstand the expected economic slowdown in 2023, with 41,000 and 6,000 units scheduled for completion in Dubai and Abu Dhabi, respectively, during the year, Invest-Gate reports.
In 2023, almost 100,000 sqm of office floor space is expected to be delivered in Dubai and over 35,000 sqm are set to be delivered in Abu Dhabi.
Around 200,000 sqm of retail floor space are delivered in Dubai in 2022, while 355,000 sqm are set to be handed over in 2023.
Furthermore, data from Dubai Pulse shows that the number of real estate transactions in Dubai increases by 51% between January and November while the value of transactions rises by 55%.
Last year, Dubai’s total supply grew to 680,000 units and Abu Dhabi’s stock rose to 279,000 units.
“2022 has been a year of sustained growth for the UAE’s real estate sector as it continued to gather pace while benefiting from the country’s reliable economic policies, excellent infrastructure, safe haven status, and innate ability to adapt to new trends,” Research Associate at JLL MENA, Faraz Ahmed, says.
“Even segments like retail that faced headwinds initially in the year, recovered significantly in the last quarter. Looking ahead, we can expect the UAE to continue to attract the attention of both regional and international investors with aspirational offerings within the sector,” Ahmed adds.