Economic Boom in Real Estate and Tourism - Dubai Spearheads

Dubai Spearheads UAE's Economic Boom in Real Estate and Tourism

The United Arab Emirates (UAE) is experiencing asignificant economic boom, with Dubai playing a central role, particularly inthe and tourism sectors. Thisrecovery, detailed by the Central Bank of the UAE (CBUAE), highlights Dubai'soutstanding performance amidst global economic volatility and tight monetarypolicy.Dubai's andpillars of economic growthDubai'supswing in the sectorDubai's market has experienced exceptionalgrowth. Transaction values have increased by 37% year-on-year, surpassing theAED 500 billion ($136.1 billion) mark in the first ten months of 2023.During this period, the volume of transactions also increased by 36%,exceeding 116,000. The number of new investors in Dubai's market increased by 15% in thefirst three quarters of 2023, underlining the city's attractiveness in theglobal landscape.Steadygrowth in and rental pricesDubai has seen a steady increase in the average sellingprice of residential properties, which rose by 0.3% year-on-year in Q3 2023.The rental market in Dubai was particularly robust, recording a significantyear-on-year increase of 12% in Q3, slowing to 5.7% in October. Rental yieldsremained strong at 8.8% in Q3 2023.Dubaias a prime global iAs part of the ambitious National Strategy 2031, which is part of the"Projects of the 50", Dubai is consolidating its position as a premier globalhub. The strategy aims to dramatically increase 'scontribution to GDP and attract significant investment. In 2023, hoteloccupancy in Dubai rose to 75.7%, a remarkable increase compared to previousyears and a sign of the country's growing appeal as a tourist destination.Theaviation sector: Dubai's journey into the skyRecord-breaking performance by Dubai InternationalAirport: Dubai International Airport has revised its passenger forecast for2023 to 86.8 million, indicating a recovery beyond pre-pandemic levels. In thefirst three quarters of 2023, the airport recorded 64.5 million passengers, anincrease of 39.3% compared to 2022. This is a sign of a robust recovery and atestament to Dubai's global connectivity.ComparativeinsightsWhileAbu Dhabi is also showing promising growth in the and sectors, Dubai is clearly leading the way in driving theUAE's economic recovery through its rapid and expansive development. The city'sstrategic investments in the real estate and sectors, coupled with its ever-expanding air transportation options, are majorcontributors to this success. The CBUAE report highlights not only Dubai'seconomic resilience, but also its pivotal role in strengthening the overalleconomic health of the UAE. the general economic health. Dubai's continuedfocus on developing these sectors is expected to maintain and strengthen itsposition as a global economic powerhouse