Construction costs rise 106.6% in Turkey

The UAE’s real estate sector experienced significant growth in the first half of 2024, driven by the country’s economic stability and a surge in new projects catering to the rising demand.

As reported by the Emirates News Agency (WAM), leading real estate companies have launched numerous large-scale projects since the beginning of the year, offering a wide range of investment opportunities.

Dubai has been at the forefront of this growth, with over 12 new projects from major players like Emaar, Deyaar, and Dubai Investments. These include notable expansions, such as the extension of The Dubai Mall.

The Emirate successfully completed approximately 6,600 new residential units, raising the total number of units to 736,000, with an additional 20,000 units anticipated in the second half of 2024.

According to the Dubai Land Department, the sector attracted around 50,000 new investors, resulting in real estate transactions worth AED346 billion (approximately $94.2 billion), marking a 23% year-on-year increase across 100,520 transactions.

With the new shifts in Turkey's economic policy, American investor and economic expert Jim Rogers indicated that Turkey has become an attractive point for foreign investments. These investments are not limited to commercial and industrial sectors but also extend to the real estate market, where improved investment climate enhances the attractiveness of real estate assets in the country.

The Eleventh Administrative Court in Istanbul issued a decision to cancel the Yeni Şehir project, which is a part of the extensive Istanbul Canal Project. This decision came in response to an objection filed by the Istanbul Metropolitan Municipality, pointing out that the project did not meet the required standards and specifications.