UAE Real Estate Booms as Global Markets Slump (JLL Report)
UAE Real Estate Booms Against Global Headwinds: JLL Report Highlights Thriving Market Despite a turbulent global economic landscape, the UAE's property market has defied expectations, registering robust growth across all major asset classes in 2023, according to JLL's "A Year in Review UAE" report. This remarkable resilience paints a bright picture for the future of the region's real estate, fueled by a confluence of factors. UAE Real Estate Booms Against Global Headwinds The residential sector spearheaded the surge, witnessing a notable rise in transactions across both primary and secondary markets. Dubai, the crown jewel of the UAE, saw a staggering 51% year-on-year increase in transaction value and a 43% rise in volume. This surge can be attributed to several factors, including increased investor confidence, attractive visa programs, and a thriving job market attracting high-net-worth individuals. Abu Dhabi, the capital emirate, followed suit with a 102% ann...