Dubai real estate market will reach a new peak in 2023

Dubai's real estate market will continue its upward trajectory in 2023 as property prices and annual rents are expected to continue to rise amid growing demand and interest from wealthy individuals (HNWI) and foreign investors, according to Zoom Property Insights.

According to the latest data from Zoom Property Insights, real estate prices in Dubai are expected to grow by an average of 20%, and the luxury segment will continue to dominate with an increase of 13.5% year-on-year in 2023.

The CEO of Zoom Property shares the opinion that the real estate market will continue its upward momentum amid high demand from buyers and foreign and local investors.

"The Dubai real estate market has strengthened its position as a leading destination in the real estate sector, and 2022 has turned out to be an outstanding year (so far) for this sector. It is expected to end on a strong note, paving the way for an even stronger 2023," he said.