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Dubai's real estate market has started the year 2023 confidently, jumping by more than 128.5% year-on-year to 9,800 purchase and sale transactions from 5,739 in 2022. A large regional real estate portal PropertyFinder published data showing that the value of transactions increased by 178% and exceeded 28 billion dirhams in the first month.
"In value terms, the volume of transactions with existing real estate increased by about 42 percent year-on-year, reaching more than 16 billion dirhams compared to 11.4 billion dirhams in January 2022, recording the highest volume and value per month in a decade," the portal says.
Data from the real estate consulting company ValuStrat indicate that prices in the city center are expected to grow by an average of 7-10% by 2023. «However, it is expected that competition from unscheduled launches and higher mortgage interest rates will put downward pressure on the secondary market. It is predicted that the growth of housing rents will stabilize by the end of 2023», said ValuStrat.
The PropertyFinder data indicate a significant change in the preferences of both property owners and tenants. According to the study, 59% of Dubai residents who want to own real estate is looking for apartments, while 41% are interested in villas or townhouses. In the rental market, 80% of tenants have opted for apartments, while 20% are considering villas or townhouses.
