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According to a new report, Dubai's luxury housing market will experience significant double-digit price growth, and by 2023 it will lead global markets.
According to Knight Frank's main forecasts for 2023, prices for luxury residential areas will increase by 13.5% in 2023. This is the highest price increase in the world, as cities such as New York, Paris and Singapore can achieve growth expressed only in single digits.
According to the Dubai edition of Global Property Consultancy, luxury real estate in the Emirate will continue to be in high demand, and prices are expected to be about 50% higher by the end of the year than in 2021.
Knight Frank's global research network has found that luxury housing prices are expected to rise by 2% in all 25 cities it tracks. This is a decrease of 2.7%, predicted six months ago. Despite the slowdown, the cumulative growth in 2023 will still exceed the figure of six years ago.
Knight Frank claims that after two years of the pandemic, which caused an increase in housing prices in many cities around the world, the situation has changed. The world is losing its economic power, and money is becoming more expensive. The rising cost of living is a serious problem for homeowners.
The unpredictability of rising inflation, higher taxes and increased debt. Primary markets are less vulnerable to the effects of rising mortgage costs, but they are not immune from this.
