Explore and Invest in Thriving GCC Real Estate Market at IPS 2024

Published December 20th, 2023 - 06:42 GMT

Explore and Invest in Thriving GCC Real Estate Market at IPS 2024

Gulf Cooperation Council.

The Gulf Cooperation Council (GCC) real estate market is experiencing unprecedented growth, and the International Property Show 2024 (IPS) at the Dubai World Trade Centre, from February 27-29, 2024, is the premier platform for global investors to explore and capitalize on the flourishing market.

The GCC real estate market's remarkable growth is further underscored by the projection that its value will reach US$4.43 trillion by the end of 2023, according to a Statista report. Residential real estate dominates the GCC market with a projected volume of US$2.98 trillion, displaying a steady annual growth rate (CAGR 2023-2028) of 2.65%, expected to reach US$5.05 trillion by 2028.

The buoyant UAE property sector has been a driving force, with real estate sale transactions across the GCC reaching an impressive $143.1 billion from January to October 2022, as per a comprehensive report by Kamco Invest. This figure surpassed the full-year total of $136.9 billion in 2021, showcasing the robust performance of the region's real estate sub-segments.

Dubai and Abu Dhabi played a pivotal role, contributing over 48% of the total transaction value in line with Dubai Economic Agenda D33 and Abu Dhabi Economic Vision 2030, respectively. Meanwhile, Saudi Arabia added 35.6% to the total transaction value, in line with its Saudi Vision 2030, hence solidifying the region's upward trajectory.

The Kamco report also highlighted an 81% surge in value transacted in Dubai, propelled by demand for luxury residential properties and robust revenues in the affordable segment. The average value per transaction in Saudi Arabia and Dubai increased by 35.5% and 12.2% respectively, indicating rising end-user demand and strong investment appetite.

Considering these numbers, IPS 2024 provides the ideal platform for investors, developers, and industry professionals to delve into the thriving GCC real estate market. The event promises exclusive insights, networking opportunities, and a chance to explore lucrative investment options in the evolving real estate landscape of the Gulf region.

IPS will also contribute to enhancing opportunities for knowledge and experience sharing among exhibitors, key players of the real estate market, government officials and agencies, and visitors. The event will also serve as a platform for forging new agreements and partnerships, to strengthen the connections between the real estate market stakeholders from different countries of the GCC region.

To be held in partnership with the Dubai Land Department, IPS 2024 attracts exhibitors from over 140 countries around the world, including India, United Kingdom, Turkey, Pakistan, Saudi Arabia, Qatar, Oman, and Egypt, in addition to the United Arab Emirates. For its 20th anniversary run, IPS will also feature a diverse range of events that fall under its 11 main pillars, namely IPS Exhibition, IPS Conference, IPS Oscars, IPS Future Cities, IPS Connect, IPS Finance, IPS Women, IPS Youth, IPS Studio, IPS PropTech, and IPS Design, which are set to be organized not just once but throughout the whole year.

Background Information

Gulf Cooperation Council

On 21st Rajab 1401 AH corresponding to 25th May 1981, Their Majesties and Highnesses, the leaders of the United Arab Emirates, State of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, State of Qatar and State of Kuwait met in Abu Dhabi, United Arab Emirates, where they reached a cooperative framework joining the six states to effect coordination, integration and inter-connection among the Member States in all fields in order to achieve unity, according to article 4 of the GCC Charter. Article 4 also emphasized the deepening and strengthening of relations, links and areas of cooperation among their citizens. The underpinnings which are clearly provided for in the preamble of the GCC Charter, confirm the special relations, common qualities and similar systems founded on the creed of Islam, faith in a common destiny and sharing one goal, and that the cooperation among these states would serve the sublime objectives of the Arab nation.

The decision was not a product of the moment but an institutional embodiment of a historical, social and cultural reality. Deep religious and cultural ties link the six states, and strong kin relations prevail among their citizens. All these factors, enhanced by one geographical entity extending from sea to desert, have facilitated contacts and interaction among them, and created homogeneous values and characteristics.
Therefore, while, on one hand, the GCC is a continuation, evolution and institutionalisation of old prevailing realities, it is, on the other, a practical answer to the challenges of security and economic development in the area. It is also a fulfilment of the aspirations of its citizens towards some sort of Arab regional unity.