- Dubai real estate transactions’ share in GCC market reach 54%
Real estate in the GCC is evolving rapidly, with transactions surpassing $383 billion in 2024. Sakan’s first-ever residential market report, launched today, provides key insights into investment trends, affordability, and the rise of new developments across Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, and Oman.
“We are delighted to unveil the launch of our first residential property report for the Gulf region, highlighting key trends and events affecting the GCC’s real estate sector. The report emphasizes the promising growth of the industry across most markets in the region and provides a strategic overview to apartment and villa buyers and lessees about the performance of key neighborhoods and opportunities to invest,” says Abdullah Al Saleh, CEO of Sakan.
He continues: “With more than $383 billion in transactions, the GCC real estate market is on an unprecedented growth trajectory. PropTech is no longer an option; it is a necessity. At Sakan, we are committed to bridging the gap between buyers, investors, and real estate opportunities, ensuring transparency and accessibility for all.”
In 2024, the GCC region reported over $383 billion worth of real estate transactions, according to preliminary results*. Approximately $207 billion was recorded in Dubai (54% of total) and $75.7 billion in Saudi Arabia (14%). Significant growth rates in yearly transactions were seen in Saudi Arabia (+47%), Sharjah (+47%), Kuwait (+33%), and Oman (+30%). Overall, the region’s transactions grew by an estimated 25% in 2024.
The report discusses the following trends in the Gulf region’s residential market:
- · Residential construction boom
- · Can residents afford to buy homes across the region?
- · Expats shift gears from leasing to investing
- · The rise of new cities
- · The super prime residential race
Furthermore, the report sheds light on the latest information about:
- · Apartment yields
- · Villa rents and selling prices
- · Apartment rents and selling prices
- · Country real estate profiles
Apartment yields** in the GCC region remained at a healthy range of 5-8%. Yields averaged 7.9% in Bahrain and Kuwait, 6.1% in Oman, 6.4% in Qatar, 7.8% in Saudi Arabia, and 5.8% in the UAE, suggesting the generally strong investment returns on residential apartments in the region.
Download the report at https://join.sakan.co/gcc-report-2024. For more information, email l.paolo@sakan.co
*Transactions are based on data from the government and are accurate up to the time of publication and research. These are subject to changes.
**Gross yield average of 1-3BR apartments. City-level and neighborhood-level yields will be different.