Zoom Property Insights predicts that the Dubai real estate market will expand further in 2023 as a result of rising demand and interest from high-net-worth individuals (HNWIs) and foreign investors, which will drive up property prices and annual rent.
The luxury market will continue to dominate with a growth rate of 13.5%, according to the most current statistics from Zoom Property Insights, with property prices in Dubai predicted to rise by an average of up to 20% in 2023.
According to Ata Shobeiry, CEO of Zoom Property, the real estate industry will continue to grow as a result of strong demand from both domestic and overseas investors and end users.
With 2022 proving to be a great year (so far) for the industry, the Dubai real estate market has solidified its place as a top real estate destination. It is anticipated to come to a successful conclusion, laying the stage for an even better 2023,” he stated.
“I believe popular communities, such as Palm Jumeirah, Downtown Dubai, Dubai Marina, JBR, etc., will continue attracting buyers and investors in the next year as well,” Shobeiry said.
High-end real estate is increasing
According to a recent Knight Frank analysis, Zoom Property Insights forecasted that 2019 will be yet another remarkable year for high-end homes in Dubai, with prices likely to increase by 13.5%. This is the rise that has grown the most out of the top 25.
Among the well-known cities on the list are Los Angeles, Paris, and New York; Miami ranks second and is expected to have a 5% price increase.
Popular places are anticipated to remain so in 2023
According to Zoom Property Insights research, Palm Jumeirah recently experienced the largest price increase of 5% in the apartment market. Following it were MBR City, Meydan City, and Living Legends. In all of these areas, the average home price rose by 4.7%.
The number of villas increased the most, by 4.6%, in Emirates Hills. Other significant areas included Mudon (4.1%), Jumeriah Village Circle (3.9%), and MBR City (3.1%).
The Old Town, Dubailand Residence Complex, Green Community (DIP), and Downtown Dubai had the highest rental apartment occupancy rates at 4.9%, 4.6%, 4.5%, and 4.4%, respectively.
The Sustainable City (4.9%), DAMAC Hills (Akoya) (4.8%), The Villa (4.8%), and Reem (4.7%) continued to be the most widely-used villa rental communities.
Along with the aforementioned places, Dubai Marina, Jumeriah, JBR, and Arabian Ranches are predicted to be the key real estate markets in 2023.
“Dubai’s status as a top tourist destination, changed government regulations, loosened visa requirements, and an expat-friendly environment—a it’s mix of all these things that have contributed to the success of the Dubai real estate market. They will, in my opinion, nonetheless contribute to the sector’s success in 2023. Shobeiry added.