Double-digit growth in real estate prices in Dubai can be considered his success

Double-digit growth in real estate prices in Dubai can be considered his success

According to PropertyMonitor, due to two consecutive years of double-digit price growth in 2022, Dubai overcame the problems of rising interest rates and inflation to remain a prominent global real estate market.

 

Despite the decline from 1.33% per month in 2021, when annual price growth was just under 16%, the real estate data platform reported in its research that the overall real estate price growth reached 11.05% in 2022, averaging 0.92% each month.

 

Dubai's real estate market had an «incredibly strong year» in 2018, as evidenced by a 1.17% increase in house prices in December. According to the Property Monitor Dynamic Price Index (DPI), the value of real estate currently stands at 1,089 Danish dinars per square meter, returning to a level that has not been seen since December 2013 during the last surge in the market and in January 2018 during a long cycle of price declines to COVID-19.

 

In December 2022, 9,131 sales were recorded, which is 10.4% less than the total number of purchase and sale transactions. Nevertheless, the volume of transactions for the month, nevertheless, exceeded expectations, making it the best December in the entire history of observations and almost twice as high as every December since 2014.

 

With 86,849 sales in 2022, sales figures in the residential segment reached a new record high, breaking the previous record of 80.831 sales set in 2009.

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