The Dubai real estate market is having a solid year, according to Zoom Property Insights. In October, prices rose by 1.8 percent, and November followed a similar pattern.
Investors in the sector are driving increased prices as well as end users.
Zoom Property Insights stated that the average property price in Dubai is AED1,070/square foot.
increase in Dubai real estate
The research also said that, so far this year, the prices for apartments and villas had risen by more than 8.5 percent and 13 percent, respectively.
Due to significant foreign investment, the market for luxury properties is booming. Prices have increased as a result of this.
Zoom Property Insights reported that luxury property sales have increased by 88.9% between Q3 2021 and Q3 2022.
This is the most significant global growth. Miami and Tokyo rank 2nd and 3rd, respectively, with 30.8 percent growth and 17% growth, respectively.
Ata Shobeiry CEO of Zoom Property stated that “2022 was a great year in the luxury property segment, and this trend is expected to continue into 2023.”
The introduction of multiple new developments with ultra-prime real estate, according to him, “will continue to draw high net worth individuals (HNWIs) and overseas investors.”
The most popular neighborhoods in Dubai for apartments were Jumeirah and Downtown Dubai. They experienced price increases of more than 3.3, 2.5, and 2%, respectively.
Palm Jumeirah maintained its supremacy in villas with an almost 3 percent increase in property values. The growth in villas in Jumeirah was also impressive at over 3.5 percent.
Dubai’s prime locations will continue to attract millionaires. In 2023, prices are expected to remain on the rise.
The mainstream residential market will see steady price growth next year.
In 2023, Zoom Property Insights anticipates solid double-digit growth. The communities of The Palm Jumeirah and Emirates Hills are among the most desirable locations of the Emirate.
In 2023, the average price of a home in the main residential market of the Emirate will rise by 7 percent.
This amount is feasible given how the real estate market is doing.
Shobeiry stated that “the areas renowned for luxury and affordable properties are performing extraordinarily well, paving way for a strong finish to the year 2022” and a similarly strong start to the 2023.
