Dubai Still Leading GCC Realty Market

DUBAI - Real estate projects in the Gulf Cooperation Council (GCC), particularly in Dubai, are still being actively pursued despite the worldwide economic slump, with ongoing projects already breaching the $2.39 trillion mark, said online global property portal REIDIN.com



By Rocel Felix

Published: Wed 25 Feb 2009, 12:26 AM

Last updated: Thu 2 Apr 2015, 3:57 AM

REIDIN.com which tracks real estate deals and transactions in the GCC said that Dubai is still the leading player in the regional property market with investments from across the GCC into the emirate already crossing Dh5 billion in 2008.

It said Dubai accounted for 5.8 per cent of worldwide land sales and was the fourth highest in global land sales rankings last year.

The biggest GCC investment into Dubai came from Saudi Arabia which pumped over Dh2 billion, followed by Kuwait with Dh1 billion. Oman, a distant third invested Dh818 million; Bahrain put in Dh615 million while Qatar invested Dh117 million.

REIDIN.com said there remains a strong interest in the Dubai property sector despite a projected easing of the UAE economy to 1.5 per cent this year.

“The real estate market is facing unique challenges with issues on liquidity and investor confidence posing threats,” said Ahmet Kayhan, CEO of REIDIN.com.

“However, based on the trends, we are positive that the Dubai property market will still be the busiest, as transactions and investments will remain comparatively high.”

Kayhan said that despite the grim outlook on the UAE economy, “continuous activity” in Dubai’s real estate sector can still be expected due to government’s efforts to soften the impact of the financial crisis by providing liquidity.

REIDIN.com is offering a comprehensive collection of data on real estate deals through its product ‘DUBAIFocus.’

business@khaleejtimes.com


More news from Business
In-store shopping regains trust

Business

In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business4 days ago