The value of residential real estate in the Emirate of Dubai increased by more than 21.9% at a time when investment returns increased, based on the growth in residential rents, which reached 3.2% compared to 2021.
Recent data from the Emirates Central Bank indicated that the real estate sector in the UAE in general still maintains its position as one of the most important economic sectors in terms of activity and performance in the local economy, based on the activity of the real estate markets in the country, led by Dubai and Abu Dhabi, with a clear momentum, in terms of growth, according to The government newspaper, Al-Bayan.
The real estate sector ranked sixth in the list of the most important non-oil sectors, with a share of 8.2% of the country’s non-oil GDP.
Despite the increases in interest rates last year, the local real estate sector was able to achieve an active performance among the country’s markets. Unlike the Dubai market, the real estate sector in Abu Dhabi achieved a high performance, so that the value of residential real estate, represented by selling prices, increased by 2.1% in 2022 compared to 1.7%. in 2021.
Local market studies indicate that the real estate and construction sector in the UAE maintains its position in terms of diversity and demand, with real profit opportunities from investing in real opportunities, which are continuously produced by the active sector, which was reflected in the growth of market performance and the successive rise in real estate value and prices.
Momentum concentrated with a large share in the Dubai market, whether in terms of project size or selling prices, the added value of real estate and the returns achieved in exchange for the increasing demand for various types of real estate, especially distinguished units, in vital places, and overlooking water destinations.