Prices for apartments in Dubai increased by 8.5%, and for villas - by 13%

According to Zoom Property Insights, Dubai's real estate market is experiencing a strong end to the year. In October, there was a 1.8% increase in prices, and a similar trend was observed in November 2022. Investors in this sector are driving up prices, as well as end users.

Zoom Property Insights stated that the average real estate price in Dubai is 1,070 dirhams UAE per square meter.

The report also says that prices for apartments and villas have increased by more than 8.5% and 13%, respectively, this year. The luxury real estate sector is thriving thanks to large foreign investments. This led to a sharp rise in prices.

Zoom Property Insights reported that luxury real estate sales increased by 88.9% in the period from the 3rd quarter of 2021 to the 3rd quarter of 2022. This is the most significant global growth. Miami and Tokyo occupy the 2nd and 3rd places, respectively, with an increase of 30.8% and 17%, respectively.

Jumeirah and Downtown Dubai were the most popular apartment options in Dubai. They had price increases of more than 3.3%, 2.5% and 2% respectively.

Palm Jumeirah has maintained its dominant position in the villa market, increasing the value of real estate by almost 3%. The growth in the number of villas in Jumeirah was also impressive - more than 3.5%.

The best places in Dubai will continue to attract millionaires. Prices are expected to continue to rise in 2023. In the main residential real estate market in 2023, there will be a steady increase in prices.

Zoom Property Insights forecasts strong double-digit growth in 2023. This includes the prestigious areas of the Emirate, including the Palm Jumeirah and Emirates Hills areas.

In 2023, the average house price in the main residential real estate market of the Emirate will grow by 7%.