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By the end of 2023, Dubai may overtake London in the development of the real estate sector. This is possible due to the constant increase in real estate prices, a lot of objects under construction, low taxes and higher rental yields. Such conclusions are contained in a recent study of the emirate's real estate market.
It is assumed that the prices of luxury real estate in Dubai may rise by up to 20%, while in London it is expected to rise by about 3.5%. This forecast is given by PropTech-real estate experts who have used artificial intelligence to analyze possible prospects for the development of the market.
Research shows that Dubai has recently seen an increase in the popularity of off-plan real estate. In May 2023, about 5,700 transactions were related specifically to off-plan projects. A total of 11,700 transactions were made in May.
In turn, the London real estate market expects stable development in 2023. At least, if we talk about luxury real estate in the city center. However, real estate in less prestigious areas, located in the price segment of 1-2 million pounds, may lose in value. The reason for this is the increased mortgage rates in the UK.
ProTech, or Property technology, is a set of innovative solutions in the field of real estate, enabling real estate management and market analysis using digital technologies.
