Dubai Property Market Overview
The prime residential localities of Dubai, which includes Emirates Hills, Jumeirah Bay Island, and Palm Jumeirah, will possibly experience a price hike of around 13.5% in 2023, for their properties. As per Knight Frank’s Prime Predictions of 2023, it is one of the strongest price hikes in all of Dubai, which is supposedly going to be higher than the price growth of Paris and New York.
Global Property Consultancy in Dubai Edition, highlighted that all of the luxury properties in this Emirate will be in demand for the forthcoming years. The pricing for 2023, will be around 50% higher than that of 2021.
As a whole, UAE residential real estate market is expected to experience immense growth, recorded with an approximate CAGR of 8% during the forecast period of 2022 to 2027. The residential property market of UAE was earlier at a halt due to the pandemic crisis, but there has been a continual rise in property prices, since the start of 2022.
UAE and Dubai in specific, have revamped their economic reforms and pandemic management practices, to rebound from the drawbacks, and help all industries thrive. Dubai is now open for five-year and ten-year residency visas for people from all across the world, to come and invest in real estate in Dubai.
In 2023, and the forthcoming years within the forecast period will witness a massive trend for more real estate investments, coming from different parts of the world.