Real Estate In Dubai Continues To Grow In Q4 2022
Several market insights suggest upwards trends in the Dubai property market continue throughout the last quarter of 2022, driven by growing international investors and home buyers.
Generally, prices for new homes in Dubai grew by 1.8% in October and November 2022, suggesting resilient market performance against global economic uncertainty. As a result, market experts anticipate similar results in Q4 and next year.
Property Market In Dubai In Q4 2022
Average real estate prices in Dubai hit AED 1,070 ($291.3) per m2. Moreover, prices for new apartments in Dubai spiked by 8.5% in 2022, while villas became 13% more expensive.
Perhaps unsurprisingly, the luxury real estate market in Dubai dominates other sectors. In total, the premium property segment saw an 88% growth between Q3 2021 and Q3 2022, highlighting significant demand for new homes in Dubai from foreign buyers and investors. In fact, these figures represent the fastest growth pace of all global property hotspots.
Leading property analysts in Dubai highlight several districts that are set to continue their momentum throughout 2023. Moreover, several upcoming new build developments will attract more interest to Dubai housing markets from buyers from abroad.
Upcoming Dubai Areas In 2023
Jumeirah, Downtown Dubai and Palm Jumeirah remain the most sought-after areas among foreign investors and property buyers. Prices in these areas increased by more than 2% over the past several months.
MBR City, Dubai Hills and Business Bay also perform well, attracting new buyers looking for apartments in Dubai.
Dubai Real Estate Forecasts 2023
Many specialists agree that luxury property in Dubai will continue to dominate the market and attract new high-net-worth individuals. Generally, the whole market is set to show steadily rising prices over the next year.
Prices in sought-after premium districts of Palm Jumeirah, Emirates Hills and Jumeirah Bay might rise by 15% in 2023, while the main residential property market should see a 7% growth rate.
Current numbers highlight the resilience and sustainability of the Dubai real estate markets, so the anticipation of steady growth rates in 2023 is hardly surprising.
