UAE Real Estate Market Poised to Reach $811.44 Billion by 2031
As the UAE continues to position itself as the world’s most attractive investment destination, a study report has forecast that the UAE real estate market will hit AED2.98 trillion ($811.44 billion) by 2031. The report was released by market intelligence platform ‘Statista Market Insights’.
According to the report, the growth will be aided by population growth, foreign direct investment, and the UAE's growing appeal as a global hub for business and lifestyle opportunities, Gulf Today reported.
Earlier, another research firm had ranked the UAE as the world’s most attractive investment destination. The study by US-based research firm Penta Group found that 56% of global investors expressed serious interest in the UAE property market, surpassing the United States (54%), the United Kingdom (41%), France (28%), and Spain (27%).
The Statista Market Insights study said the growth will be propelled by the new wave of development activity across the country, with increasingly ambitious projects reshaping urban landscapes and creating fresh opportunities for both developers and investors. As projects grow in scale and complexity, stakeholders are placing greater emphasis on tools and technologies that support more informed decision-making throughout the planning, design, and sales process, the report added.
The reports come as positive news for the Middle East, which had been facing the aftereffects of the Iran-US conflict.
The real estate market in the UAE continues to be dominated by Dubai, which recorded AED10.17bn ($2.8bn) of transactions last week, according to data from the Land Department. There were over 2,884 sales transactions between June 1 and June 5.
Interestingly, the investors who see the UAE as the best market include Indians. While 91% are Indian investors, 92% of Egyptian investors and 85% of Saudi investors rank the UAE among their top three preferred investment destinations.
However, experts say Abu Dhabi could also overtake Dubai as the UAE’s most compelling destination for both end users and investors very soon, thanks to the Abu Dhabi Economic Vision 2030, a long-term roadmap aimed at transforming the emirate into a diversified economy with reduced reliance on oil revenues.
