2024-01-15 14:39:36
Standard & Poor’s Global Credit Ratings Agency expects the UAE’s GDP to grow by more than 5 percent in 2024, which exceeds the 2.8 percent rate the agency expects for the global economy.
Tatiana Leskova, Assistant Director for Corporate Affairs in the Gulf Cooperation Council Countries at Standard & Poor’s Global Credit Ratings Agency (S&P Global), said in a statement to the Emirates News Agency, WAM: While the global economy has remained growing at weak rates, we estimate that the gross domestic product… The total for the UAE grew by more than 3 percent in 2023, including a growth of approximately 6 percent for the non-oil sector, and we expect the growth of the UAE economy to exceed the growth rates of the global economy in 2024.”
As for Dubai, Tatiana Leskova expected continued strong momentum in the hospitality, wholesale and retail trade and financial services sectors, which will drive growth in the coming period 2024-2025.
About the real estate market in the UAE; Tatiana Leskova said: “The number of mortgage transactions in Dubai has continued to grow, with more than 80 percent of real estate transactions being completed in cash, at a time when the European real estate market has been characterized by weak purchasing power since 2022 due to high interest rates and relatively high inflation, while the market is still… China also represents a challenge for developers relying on debt, amid fixed margins and low prices, which put pressure on profitability, as well as at a time when the picture has become a little brighter in the United States, where demand rose at the beginning of 2023 after a slowdown.
Regarding the observed trends in real estate investments in the UAE; Tatiana Leskova noted the significant increase in the number of Russian buyers to become one of the largest groups of investors in Dubai; “Indian, European and GCC buyers remain the largest investors as per the historical trend,” she said.
Leskova noted that real estate developers have indicated growth in off-plan property sales over the past three years to reach a record level in 2023.
She reported that the real estate sector benefited from a rebound in demand from international buyers, as well as continued interest from resident and regional buyers.
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