2022 in review: Reforms, Ukraine war drive boost in UAE’s real estate market
Improved regulatory policies and diplomatic measures amid the Ukraine war have welcomed foreign direct investment and boosted the UAE real estate market in 2022 above the global average.
The United Arab Emirates' real estate market saw a gainful year despite a global slowdown, benefiting from a series of reforms and geopolitical events, including the Ukraine war, with some segments anticipated to lead growth rates globally in 2023.
In the third quarter of this year, global commercial real estate returns turned negative for the first time since the start of the COVID-19 pandemic in the second quarter of 2020, according to US finance company Morgan Stanley Capital International.
While Europe is facing its worst performance since the 2008 global financial crisis, the UAE broke some personal bests.
In November, Dubai real estate surpassed its highest sales transactions since 2011, making more than 10,000 transactions worth $8.3 billion that month, according to Dubai-based real estate group Property Finder.
