Last Updated on: 28th June 2023, 05:16 pm
Real Estate Prices in Dubai Will Break All Previous Records This Year
According to a study by Knight Frank, a London-based real estate agency, Dubai’s leading residential property market will be the fastest growing internationally by 2023.
Knight Frank’s Premium Prediction 2023 report forecasts residential property prices in Dubai to rise 13.5% this year, driven by a strong interest in off-plan property from individuals and high-net-worth investors. Off-plan real estate refers to unfinished (under construction) structures.
In 2022, off-plan sales accounted for 55% of total sales volume and 56% of total sales value, a significant increase from 2021. Dubai Land Department recorded more than 88,000 transactions in the first 11 months of last year, a growth of 60%. in the same period in 2021.
In November 2022, unscheduled residential home sales hit a two-year high of $3.7 billion, with investors primarily focused on apartments. Almost 8,000 housing transactions were completed, a 74% increase compared to November 2021.
According to the report, high-end real estate in Dubai is expected to continue growing over the next year due to rising international demand.
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