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The residential sector of one of the world’s most desirable cities will continue to grow in 2023, with rising prices for housing purchases and rents amid increasing demand and activity from wealthy individuals (HNWI) and foreign investors.
According to Zoom Property Insights, at least 20% of Dubai’s housing prices are expected to rise next year. At the same time, the luxury housing sector will remain dominant and grow by another 13.5%.
Ata Shobeiry, CEO of Zoom Property, shares the opinion that the real estate market will continue to grow amid high demand from end users, foreign and local investors: "Dubai’s housing market has become a major international destination. This was largely due to 2022, which continued the successes of 2021 and is coming to an end on a high note, which gives an optimistic forecast for the next year."
Next year, experts predict that the most popular areas for buyers will remain Downtown Dubai, JBR, Palm Jumeirah, Dubai Marina and others.
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Luxury real estate on the rise
Referring to a recent Knight Frank report, Zoom Property Insights agency reported that luxury real estate in Dubai is set to experience another successful year in which home prices are projected to increase by about 13.5%, which will be the highest growth among the 25 largest overseas cities.
Miami ranks 2nd with an expected price increase of 5%, while Los Angeles, Paris and New York are the other famous names on the list.
The main directions that are expected to remain popular in 2023
The information by Zoom Property Insights shows that the Palm Jumeirah has experienced the highest price growth of 5% in the apartment sector. It was followed by MBR City, Meydan City and Living Legends. These communities recorded an increase in average property prices of 4.7%.
As for villas, Emirates Hills showed the highest growth of 4.6%. Mudon (4.1%), Jumeirah Village Circle (3.9%) and MBR City (3.1%) were other well-known districts.
As for rented apartments, the most promising indicators were 4.9%, 4.6%, 4.5% and 4.4%, respectively, in the Old City, Dubailand, Green Community (DIP) and Downtown Dubai.
The Sustainable City (4.9%), DAMAC Hills (4.8%), The Villas (4.8%) and Reem (4.7%) remained sought-after villa rental options.
In addition to the aforementioned areas, Dubai’s housing sector is expected to grow in 2023, largely thanks to the iconic communities of Jumeriah, JBR, Arabian Ranches and Dubai Marina.
Dubai is one of the leading tourist destinations, where there have been significant changes in recent years to attract foreign investment. These changes include government policy reform, easing of visa regulations and an expat-friendly environment. It is the combination of all these factors that has helped to achieve stunning success in the Dubai real estate market.
