The real estate industry is an important pillar of the United Arab Emirates’ economic diversification. The government UAE is focusing on expanding the country’s economy to reduce its financial dependency on oil and gas revenue.
around 5.5 percent of the UAEs’ overall gross domestic product.
The United Arab Emirates’ real estate industry has become an important global player over the past decade. In 2023, the
brand value of EMAAR, a real estate development company based in Dubai increased by nearly 30 percent. EMAAR was one of the two non-Chinese companies among the 10 most valuable real estate companies worldwide based on brand value.
The Abu Dhabi Investment Authority (ADIA), a real estate investor from the United Arab Emirates, is a leading global investor in the industry with assets worth over 43.4 billion U.S. dollars.
Real estate in Dubai
The real estate sector is a important driver of Dubai's GDP, supporting allied industries like construction, finance, hospitality, and retail. It is also a leading employment sector for its foreign workforce. With its focus on becoming a high-end tourism destination, and a
high hotel occupancy rate, the emirate of Dubai has become attractive for real estate investors.
The
luxury real estate prices were forecast to decrease by five percent in Dubai.
Real estate in Abu Dhabi
The emirate of Abu Dhabi has used the real estate sector as an important driver for its economic diversification.
It generated around 38.4 billion United Arab Emirates Dirhams towards its gross domestic product. The market in Abu Dhabi has experienced challenges as well in the real estate industry due to the global coronavirus pandemic. Residential rent income decreased, with sales prices also declining for residential property.
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