According to numerous verified sources and analysis, Dubai’s top residential prices are expected to experience the fastest growth internationally in 2023.
Due to the growing interest in the market from high-net-worth people and overseas purchasers, prices are predicted to increase by 13.5% in the upcoming year.
Dubai ranks highly on many investor’s lists, coupled with nearby communities like The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. Dubai is one of the most reasonable luxury residential marketplaces in the world thanks to its combination of top and premium real estate prices of roughly $800 per square foot and its relative affordability.
Due to Dubai’s image as a safe haven, prime real estate prices are being supported by a wide spectrum of worldwide ultra-high net worth individuals looking for a second home luxury real estate has boosted corporate confidence, along with the government’s innovative approach to the pandemic.
Prime residential real estate prices are expected to increase by an average of just 2.0% in 2023, down from the 2.7% forecast six months earlier. The overall growth rate in 2023 would still be larger than it was in six of the previous ten years, notwithstanding this decrease.
In addition, the Qatar World Cup would raise property values in Dubai. Sector experts claim that because of lack of accommodations owing to the highly anticipated football event, which is being staged for the first time in the Middle East, the spillover is expected to stay in the United Arab Emirates, primarily in Dubai. This would significantly improve the already rising real estate markets, which would increase sales of luxury real estate in a hot market.
What’s more, the World Cup-related tourism has already had a significant effect on Dubai’s hospitality industry, notably the short-term rental market. Brokers and real estate professionals now anticipate that it will significantly affect luxury residential real estate, which has had a surge since the start of the pandemic. Pristine properties in several Dubai areas have already increased in price, and high-net-worth individuals have been actively scheduling them.