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According to analysts, prices in the Dubai real estate market are expected to continue to rise as investments continue to flow into the real estate sector.
According to the latest data from Zoom Property Insights, apartment prices have increased by more than 8.5% this year, while villas have recorded a 13% jump in prices.
On average, real estate prices in Dubai reached 1,070 dirhams per square meter, according to the report.
Among the preferred areas for apartments in the emirate are:
• Jumeirah (3.3% price increase)
• Downtown Dubai (2.5% price increase)
• Palm Jumeirah (2% price increase)
DIFC, MBR City, Dubai Hills and Business Bay are other popular areas that have attracted the interest of investors and tenants.
As for the villas, Palm Jumeirah remained the best choice, real estate prices in which increased by almost 3%.
Villas in Jumeirah also showed an increase of more than 3.5%. In addition, buyers were attracted by District One, MBR City, Dubai Hills and The Meadows.
The report says that the prestigious areas of Dubai will continue to attract the rich and millionaires, and prices are expected to continue the upward trend in 2023.
Nevertheless, it is expected that the main residential real estate market will demonstrate a steady increase in prices in 2023.
For 2023, Zoom Property Insights predicts significant double-digit growth of about 15 percent in the prestigious areas of the emirate. These include areas such as:
• Palm Jumeirah
• Emirates Hills
• Jumeirah Bay Island
It is expected that in 2023 the average price increase in the main residential real estate market of the emirate will be up to 7%.
