Dubai and Abu Dhabi played a pivotal role, contributing over 48% of the total transaction value in line with Dubai Economic Agenda D33 and Abu Dhabi Economic Vision 2030, respectively. …reports Asian Lite News
The Gulf Cooperation Council (GCC) real estate market is witnessing remarkable growth. The International Property Show 2024 (IPS) at the Dubai World Trade Centre, scheduled for February 27-29, 2024, serves as the prime platform for global investors to discover and seize opportunities in this thriving market.
The GCC real estate market’s remarkable growth is further underscored by the projection that its value will reach US$4.43 trillion by the end of 2023, according to a Statista report. Residential real estate dominates the GCC market with a projected volume of US$2.98 trillion, displaying a steady annual growth rate (CAGR 2023-2028) of 2.65%, expected to reach US$5.05 trillion by 2028.
The buoyant UAE property sector has been a driving force, with real estate sale transactions across the GCC reaching an impressive $143.1 billion from January to October 2022, as per a comprehensive report by Kamco Invest. This figure surpassed the full-year total of $136.9 billion in 2021, showcasing the robust performance of the region’s real estate sub-segments.
Dubai and Abu Dhabi played a pivotal role, contributing over 48% of the total transaction value in line with Dubai Economic Agenda D33 and Abu Dhabi Economic Vision 2030, respectively. Meanwhile, Saudi Arabia added 35.6% to the total transaction value, in line with its Saudi Vision 2030, hence solidifying the region’s upward trajectory.
The Kamco report also highlighted an 81% surge in value transacted in Dubai, propelled by demand for luxury residential properties and robust revenues in the affordable segment. The average value per transaction in Saudi Arabia and Dubai increased by 35.5% and 12.2% respectively, indicating rising end-user demand and strong investment appetite.
Considering these numbers, IPS 2024 provides the ideal platform for investors, developers, and industry professionals to delve into the thriving GCC real estate market. The event promises exclusive insights, networking opportunities, and a chance to explore lucrative investment options in the evolving real estate landscape of the Gulf region.
IPS will also contribute to enhancing opportunities for knowledge and experience sharing among exhibitors, key players of the real estate market, government officials and agencies, and visitors. The event will also serve as a platform for forging new agreements and partnerships, to strengthen the connections between the real estate market stakeholders from different countries of the GCC region.
To be held in partnership with the Dubai Land Department, IPS 2024 attracts exhibitors from over 140 countries around the world, including India, United Kingdom, Turkey, Pakistan, Saudi Arabia, Qatar, Oman, and Egypt, in addition to the United Arab Emirates. For its 20th anniversary run, IPS will also feature a diverse range of events that fall under its 11 main pillars, namely IPS Exhibition, IPS Conference, IPS Oscars, IPS Future Cities, IPS Connect, IPS Finance, IPS Women, IPS Youth, IPS Studio, IPS PropTech, and IPS Design, which are set to be organized not just once but throughout the whole year.
ALSO READ: Panasonic Taps 12 Indian Startups
ALSO READ: ONDC, Meta Join Forces to Boost Indian SMEs
