Dubai UAE Real Estate Market Report Q2 2023

The Central Bank of UAE announced in its latest economic review that the GDP of UAE in 2022 grew by 7.9% which is a slight increase from its earlier projection of 7.6%. The Central Bank now projects the GDP for 2023 to grow by 3.3% down from the earlier projection of 3.9% as it projects slower growth in the oil sector due to agreements between OPEC+ members. The Bank maintained its GDP projections for 2024 at 4.3%. 

The Central Bank revised its earlier estimate of the non-oil GDP for UAE in 2022 from 6.6% to 7.2%. The Bank now expects non-oil GDP to grow by 4.5% and 4.6% in 2023 and 2024 respectively. As per the review, the oil-GDP of UAE grew by 3.1% year-over-year conforming with the rules agreed by OPEC+. Oil-GDP is expected to grow by 3.5% in 2024 as per the Central Banks projections. 

The total visitors in the January to April 2023 period reached over 6 Million which is 18% higher than the same period last year and just about 4% lower than the pre-pandemic era.