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By the end of 2023, real estate prices in Dubai may rise unprecedented. Some market participants assume that prices in Dubai overtake such popular cities as Paris and Miami.
A possible jump in prices is associated with high demand and record sales figures. From January to May 2023, 50,705 real estate transactions were made in Dubai; this is 80.5% more than the same period in 2022 (then 28,089 transactions were made). The total amount of transactions amounted to AED 149.4 billion ($40.68 billion); this is 84.2% more than the period for January-May 2022, when the total amount of transactions was only AED 81.1 billion ($22.08 billion).
Despite the rising prices, luxury real estate in Dubai has been and remains available for purchase which also attracts investors and buyers.
Another reason may be the development of “green” practices in the real estate sector that have a minimal impact on the environment. Following the trend for them, the Dubai government recently approved about 80 eco-projects. The 28th United Nations Conference on Climate Change, which will be held in Dubai from November 30 to December 12, 2023, will help further popularize eco-friendly practices in construction.
By the end of 2023, the total amount of all real estate transactions in Dubai could reach a record AED 300 billion ($81.68 billion). For comparison, in 2022, the sum of all transactions amounted to AED 261 billion ($71.06 billion), in 2021 - AED 149 billion ($40.57 billion).
