According to Zoom Property Insights, the Dubai real estate market will continue to grow in 2023 as property prices and annual rent are predicted to rise further due to increased demand and interest from high net worth individuals (HNWIs) and overseas investors.
According to the most recent data from Zoom Property Insights, property prices in Dubai are predicted to rise by an average of up to 20% in 2023, with the luxury market continuing to dominate with a growth rate of 13.5%.
The property market will maintain its upward pace due to high demand from end users as well as foreign and domestic investors, according to Ata Shobeiry, CEO of Zoom Property.
High-end properties on the rise
In reference to a recent Knight Frank analysis, Zoom Property Insights predicted that high-end residences in Dubai real estate market will have another exceptional year, with prices expected to rise by 13.5% in 2019. Out of the top 25, this is the increase that has grown the most.
Los Angeles, Paris, and New York are among well-known names on the list, while Miami comes in at number two with an anticipated 5% increase in prices.
Top areas expected to remain popular in 2023
According to data from Zoom Property Insights, the apartment market recently saw Palm Jumeirah see the biggest price increase of 5%. MBR City, Meydan City, and Living Legends came after it. The average house price increased in all of these localities by 4.7%.
Emirates Hills saw the largest rise of 4.6% in the number of villas. Other significant areas included Mudon (4.1%), Jumeriah Village Circle (3.9%), and MBR City (3.1%).
The Old Town, Dubailand Residence Complex, Green Community (DIP), and Downtown Dubai had the highest rental apartment occupancy rates at 4.9%, 4.6%, 4.5%, and 4.4%, respectively.
Keytakeaways
- Average property prices and rent in the Dubai property market expected to increase in 2023
- There’s an estimated 20 per cent price increase expected in 2023
- Luxury properties to witness a 13.5 per cent price growth next year
- Palm Jumeirah, MBR City, Meydan City, and Living Legends are popular communities for buying apartments
- Emirates Hills, Mudon, JVC, and MBR City are popular communities for buying villas
- The Old Town, Dubailand Residence Complex, Green Community (DIP), and Downtown Dubai are popular areas for renting apartments
- The Sustainable City, Damac Hills (Akoya), The Villa, and Reem are popular choices for renting villas
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