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The International Monetary Fund (IMF) reports that among all countries, real estate prices in the United Arab Emirates grew at the fastest rates in 2023.
According to the Fund's data, the UAE is among the top ten countries where real estate prices have grown the most since the beginning of the pandemic. According to data from the Bank for International Settlements, as reported by the IMF, prices in the UAE increased by 10.4% in 2023 and by 14.15% compared to pre-pandemic levels. Regarding the increase in real estate prices compared to the pre-Covid-19 level, the United Arab Emirates ranked sixth.
According to industry leaders, a sharp influx of foreign workers into the country and high demand from affluent individuals led to unprecedented growth in prices over the past two years, reaching unprecedented highs.
Moreover, the supply of residential real estate lagged behind population growth last year, with only about 50,000 housing units entering the market compared to the emirate's population growth of 100,000 people in 2023 alone. Due to the shortage of luxury and ultra-luxury apartments in prestigious areas, prices for villas and penthouses in the country multiplied.
According to the analytical service Property Monitor, prices per square foot in Dubai reached a record level of AED 1,271 ($346) in November 2023, surpassing the previous record set in September 2014.
Countries with the highest real estate price growth in 2023:
| Country | % |
|---|---|
| UAE | 10,39 |
| Mexico | 4,72 |
| Israel | 3,1 |
| Portugal | 2,42 |
| Thailand | 1,54 |
| Japan | 0,62 |
| Malaysia | 0,27 |
Countries with the highest pre-pandemic property price growth:
| Country | % |
|---|---|
| Israel | 23,7 |
| Portugal | 22,29 |
| USA | 19,15 |
| Japan | 15,29 |
| Netherlands | 14,4 |
| UAE | 14,15 |
| Australia | 9,24 |
| Mexico | 8,44 |
| Hungary | 7,71 |
| New Zealand | 7,68 |
