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Real estate prices have increased by 46% in six months compared to the same period last year in Dubai.
Contrary to numerous forecasts, the growth of the real estate sector in Dubai did not slowdown in 2023. In the period from January to the beginning of June, the growth amounted to AED 93 billion ($28 billion), which is 47% higher than in 2022 - then AED 64 billion ($17 billion) was committed in six months.
A significant role in the growth of the market was played by record sales in May 2023, analysts say. In May 2023, transactions worth AED 22.7 billion ($6.18 billion) were made, which is 102% more than in May 2022.
The commercial real estate sector in Dubai also showed a noticeable growth in six months: from AED 2.21 billion ($600 million) in 2022 to AED 2.86 billion ($780 million) in 2023. As in the case of residential real estate, the strongest growth was observed in May - AED 644 million ($175 million), which is 118 more than in May 2022.
Experts note that despite the growth of the market, Dubai real estate is still noticeably inferior in price to cities such as London and New York. This makes Dubai real estate even more attractive for foreigners.
