UAE: Dubai real estate market willcontinue its upward trajectory in 2023 as the property prices and the annual rent are expected to increase further amidrising demand and interest from high net worth individuals (HNWIs) and foreign investors,according to the Zoom Property Insights.
The latest data from Zoom Property Insights forecasts that Dubai property prices are expected to increase upto 20 per cent increaseon average and the luxury segment will continue to dominate with 13.5 per cent year-on-year growth in 2023.
Ata Shobeiry, CEO of Zoom Property, echoes the sentiment that the property market will continue its upward momentum on the back of strong demand from end-users and foreign and local investors.
“The Dubai property market has cemented its position as a leading real estate destination, with 2022 proving to be a remarkable year (so far) for the sector. It is expected to end on a strong note, paving the way for an even stronger 2023,” he said.
“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 properties on the rise
Referringto a recent report by Knight Frank, the Zoom Property Insights said the high-end properties in Dubai will have another remarkable year, with an anticipated 13.5 per cent increasein prices next year. This is the highest increase among the top 25 foreign destinations.
Miami ranks 2nd with an expected 5 per cent increase in prices while Los Angeles, Paris, and New York are other prominent names on the list.
Top areas expected to remain popular in 2023
Data obtained from the Zoom Property Insights indicates that Palm Jumeirah witnessed the highest price increase of 5 per cent in the apartment sector in recent times. It was followed by MBR City, Meydan City, and Living Legends. All these communities recorded a 4.7 per cent increase in the average property prices.
For villas, the highest growth of 4.6 per cent was recorded in Emirates Hills. Mudon (4.1 per cent), Jumeriah Village Circle (3.9 per cent), and MBR City (3.1 per cent) remained other prominent areas.
For rental apartments, The Old Town, Dubailand Residence Complex, Green Community (DIP), and Downtown Dubai showed the most promising figures of 4.9 per cent, 4.6 per cent, 4.5 per cent, and 4.4 per cent, respectively.
The Sustainable City (4.9 per cent), DAMAC Hills (Akoya) (4.8 per cent), The Villa (4.8 per cent), and Reem (4.7 per cent) remained the popular choices for renting villas.
Besides the aforementionedareas Jumeriah, JBR, Arabian Ranches, and Dubai Marinaare expected to drive the property market in 2023.
“Dubai’s position as a leading tourist destination, reformed policies by the government, relaxation in visa rules, and an expat-friendly environment; it’s a combination of all these factors that have helped to make Dubai property market a roaring success. I believe they will continue to contribute to the sector’s success in 2023 as well,”Shobeiry concluded.
About Zoom Property
Zoom Property is an emerging property portal in the UAE with a primary focus on Dubai, Abu Dhabi and Sharjah markets. The portal also features international properties in KSA, the UK and other regions on the platform to facilitate buyers and renters. It is also popular among developers, real estate brokerages and property sellers.
