Real estate in the Gulf continues to flourish, International Property Show will provide platform for investors
The Gulf Cooperation Council (GCC) real estate market is experiencing unprecedented growth and is expected to pass $5tn by 2028, according to a recent report.
The GCC real estate market’s remarkable growth is further underscored by the projection that its value will reach $4.43tn by the end of 2023, according to a Statista report.
Residential real estate dominates the GCC market with a projected volume of $2.98tn, displaying a steady annual growth rate (CAGR 2023-2028) of 2.65 per cent, expected to reach $5.05tn by 2028.
GCC real estate boom
The International Property Show 2024 (IPS) at the Dubai World Trade Centre, from February 27-29, 2024, is the premier platform for global investors to explore and capitalise on the flourishing market.
The buoyant UAE property sector has been a driving force, with real estate sale transactions across the GCC reaching an impressive $143.1bn from January to October 2022, as per a comprehensive report by Kamco Invest.
This figure surpassed the full-year total of $136.9bn 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 per cent 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 per cent 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 per cent 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 per cent and 12.2 per cent 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 UAE.
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 organised not just once but throughout the whole year.
Source: arabianbusiness.com