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In today’s newsletter:

The Dubai real estate sector experienced growth in 2024, with sales reaching AED488 billion ($133 billion) by December 10, according to Bayut. The UAE property portal’s report on Dubai’s most-searched real estate areas for the year highlights a rise in property prices across key neighbourhoods. This was attributed to sustained demand, new inventory supply, and the emirate’s appeal to high-net-worth individuals attracted by its economic environment and tax policies.

However, overall, UAE’s real estate sector recorded transactions worth AED893 billion in 2024, involving 331,300 deals across Abu Dhabi, Dubai, Sharjah, and Ajman. Mortgage transactions amounted to AED229.3 billion from 50,000 deals, excluding Ajman’s figures. Dubai led the market with AED760.7 billion in transactions from 226,000 deals, including AED522 billion in property sales from 180,000 transactions and AED187 billion in mortgages from 35,000 deals.

In other major news, Dubai Municipality has awarded contracts for the second phase of the Al Mamzar Beach Development Project, following directives from Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The project, scheduled for completion by the end of 2025, has a total cost of AED400 million across both phases. It spans 125,000 square metres, with an 80-metre width along Al Mamzar Corniche Beach.

Aside from this, Dubai will attract more international universities and provide support for scholarship students following an agreement between UAE education authorities. The Ministry of Higher Education and Scientific Research (MoHESR) signed two strategic agreements with the Knowledge and Human Development Authority (KHDA) in Dubai. These partnerships aim to enhance higher education quality, streamline the accreditation of institutions, and align education with global trends and labour market needs.

Meanwhile, equity markets in the GCC posted modest gains in 2024, with the MSCI GCC index rising by 0.7 percent. Global equity markets, however, recorded stronger performances for the second consecutive year. Dubai’s exchange achieved the highest growth in the region, with a 27.1 percent increase, followed by an 8 percent rise for Boursa Kuwait, according to Kamco Invest.

^{Until next time, Sharon Benjamin for Arabian Business}

THE LONGER READ:

The current ceasefire has emboldened some investors to begin exploring opportunities in areas where prices have dropped significantly

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