Dubai's booming real estate sector expects further growth next year, with projected growth of 46%, recent research has shown.
According to Realistic, real estate prices in Dubai have increased by 20-40% over the past 12 months. In some areas, there was an even greater rise. For example, Palm Jumeirah grew by 59%, and Trade Center First - by 210%.
In 2022, Dubai became one of the few beneficiaries of large-scale geopolitical crises around the world. Also in 2022, the largest inflow of private capital was observed here, as Russian entrepreneurs, investors and top-level professionals were looking for new homes. In the first half of the year, more than 16% of Russian companies and entrepreneurs moved to the UAE and, in particular, to Dubai.
In addition to the global crisis, the local real estate market has profited from hosting the 2022 FIFA World Cup in Qatar. Dubai has become the main beneficiary outside of Qatar due to its status as a tourist attraction and financial center of the region.
Dubai will remain attractive to foreign buyers who seek to protect their assets. It will strengthen its position as geopolitical instability and the energy crisis increase. As a result, in 2023 there will be a further increase in demand for local real estate and the market as a whole.