Talah Turk (Abu Dhabi)
In a resounding testament to its thriving real estate market, the United Arab Emirates has clinched the fifth spot in Housearch's inaugural "Best countries to invest in property" ranking for the year 2024. The index, which meticulously evaluated 50 global markets based on stability, security, and rental returns, positions the UAE among the elite destinations for residential property investment, ushering in the new year with a celebratory milestone.
Topping the list is Ireland, followed by Cyprus, Oman, Qatar, and the UAE filling up the top five spots. This places the UAE in third place among countries in Asia, ahead of Georgia and Armenia in fourth and fifth place in the regional ranking.
Housearch explained that the Gulf countries, notably the UAE, have asserted their prominence at the top of the list, reaffirming the country's status as a stable and reliable choice for global investors.
This achievement is particularly noteworthy against the backdrop of slowing property markets in Europe and North America. Following the post-Brexit decline in London's appeal, the UAE experienced an influx of entrepreneurs, high-tech start-ups, and high-net-worth individuals (HNWIs), propelling the country's residential market to unprecedented heights.
Abu Dhabi's real estate sector recorded an impressive growth in 2023, with 21,625 transactions and a towering total value of Dh78.3 billion, up from 19,033 real estate transactions with a total value of Dh77.6 billion. The Department of Municipalities and Transport is projecting continued growth for the market in 2024, driven by an increase in investment alongside the launch of new real estate projects.
According to property consultancy firm CBRE, Dubai's real estate market also witnessed a remarkable surge of 43.3% year-on-year in residential property transactions during the first half of the year, shattering previous records.