14 May 2023, Globe Echo News
Recent data from the UAE Central Bank on the performance of the economic sectors revealed that the real estate sector in Dubai achieved an exceptional performance in 2022, recording its best performance in the history of the emirate, reflecting its competitive attractiveness in the country’s markets, as the value of residential real estate in the emirate increased by a record number of more than 21.9% At the time, investment returns increased, based on the growth in residential rents, which reached 3.2% compared to 2021.
The data showed 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, so that the real estate sector ranks sixth in terms of growth. List of the most important non-oil sectors, with a share of 8.2% of the country’s non-oil GDP.
And the central continued: The local real estate sector was able, despite the increases in interest rates last year, 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 in selling prices, increased by 2.1% in 2022 Compared to about 1.7% in 2021.
Studies of the local market 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. Pointing to the concentration of momentum with a large share in the Dubai market, whether in terms of the size of projects 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, and in vital places, overlooking water destinations.