Real Estate In Dubai: 2022 Results And 2023 Outlooks
We discuss the core results of the housing market in Dubai in 2022 and reveal several intriguing trends for 2023.
Last year showed promising dynamics in the market and property prices growth, including rental sectors. As a result, the appeal of living and owning a property in Dubai continues its upward trend. What are the central outcomes of 2022, and how will the market perform in 2023?
Real Estate In Dubai In 2022
Several notable trends dominated the housing market in the state in 2022.
Property Transactions. The market saw 90,881 real estate deals, exceeding the historical record highs in 2009 (81,182).
Extraordinary Values. The total worth of property deals in Dubai topped AED 500bn (USD 136bn) last year. Off-plan Dubai project sales saw a 92% spike, while secondary home deals jumped 32%.
Property Hotspots. Waterfront communities like Palm Jumeirah dominated the real estate market in Dubai in 2022. Real estate prices in these areas skyrocketed, driven by high demand and low supply.
Dubai Property Market Outlooks 2023
Growing International Appeal. Dubai continues to prove itself as one of the most sought-after global property destinations. A resilient economy, strong financial foundations, and promising market stats are the main drivers behind the rising appeal of the state.
Rising Rents And Home Prices. Average rents and property prices in Dubai will continue upward trends in 2023, according to many specialists. Generally, the market is set for a 46% growth this year, while prices are to rise by 10%-15%.
Demand Will Set New Highs. Property in Dubai will continue to attract international buyers and investors looking to protect their assets against global economic volatility. As a result, property demand is to set new records in 2023.
