Pent-up demand from travellers and increased spending by residents led the post-pandemic recovery of the real estate sector in Dubai. Amidst global economic uncertainty and recessionary fears, Dubai’s status as a safe haven has attracted investors to the market throughout 2022.
Saudi Arabia’s gross domestic product (GDP) grew by 8.6% in Q3 2022 and is expected to grow by 8.3% in Q4 2022, before moderating to 3.7% and 2.3% in 2023 and 2024 respectively, according to the World Bank. The post-COVID recovery of the real estate sector is led by increasing tourist demand and government spending on infrastructure projects such as the Riyadh Airport expansion, among others.