The data shows that Dubai accounted for 52.1% of the total real estate transactions across all GCC countries, with an annual average growth of nearly 57%. This growth is primarily attributed to price increases by leading developers and increased demand for single and multi-unit luxury residences under construction valued at 5 million dirhams or more.

Simultaneously, real estate transactions in Abu Dhabi also grew by 56%, contributing to the UAE's market outperformance in the first ten months of this year in terms of total real estate transactions within the GCC countries, surpassing the estimated value for the full year of 2022, which was $165.8 billion.

Furthermore, the real estate stock indices in the UAE and Saudi Arabia have exhibited robust performance, experiencing significant increases in the first 11 months. According to the Gulf Real Estate Total Return Index, the industry's performance has grown by 19.2%.

Dubai's real estate development index grew by 32.9%, Abu Dhabi's real estate development index increased by approximately 29%, and Saudi Arabia's real estate development index grew by 21.4%. This trend indicates that the returns and investment prospects in the real estate market remain highly attractive to investors in the Gulf region.

The UAE's strong performance in the real estate sector is attributed to its proactive urban planning and development initiatives. For instance, Dubai's "Vision 2021" plan aims to transform Dubai into a world-class city, attracting more tourists and investors.

This plan includes the construction of more skyscrapers, luxury shopping centers, theme parks, and tourist destinations, as well as improvements to Dubai's infrastructure and public services.

Additionally, Dubai is actively promoting sustainable urban development. For example, the city is heavily promoting solar technology with the goal of achieving 100% clean energy by 2050. This initiative will further enhance the city's attractiveness, drawing more investors and tourists.