Executive Summary
The outlook for the UAE economy for 2023 remains robust supported by high oil prices, expanding non-oil private sector and progressive regulations promoting foreign investor participation. Real estate sector in the UAE has had a positive year in 2022, witnessing a rise in rentals and property prices. Transaction value has been the highest recorded since 2013, when market hit the peak. The successful hosting of the Dubai Expo and the continued interest from International Real Estate investors in Dubai are expected to underpin growth in UAE Real Estate sector in the coming year. Introduction of real estate laws, increased demand for office spaces post-pandemic and rise in the number of high-net-worth individuals in the near-term augur well for the real estate sector in the economy. Increase in interest rates could be a dampener on the demand side.
