Due To Increased Demand From Hnwis And Foreign Investors, Real Estate Experts Anticipate An Increase In Home Prices And Rental Values.
According to Zoom Property Insights, the high net worth individuals (HNWIs) and foreign companies’ interest and rising demand are expected to drive up property prices. In addition, annual rent in Dubai in 2023, which will continue the city’s upward trend.
The luxury market will continue to rule with 13.5% year-over-year growth in 2023. According to the most recent data from Zoom Property Insights, and Dubai property prices are likely to rise up to 20 percent on average.
Ata Shobeiry stated that strong demand from end users, foreign investors, and local investors will support property market’s upward trend.
With 2022 proving to be an impressive year (so far) for the sector. Dubai’s real estate market has solidified its position as a top real estate destination. He predicted that it would conclude successfully, setting the stage for a more successful 2023.
According to Shobeiry, I think well-known neighborhoods like Palm Jumeirah, Dubai Marina, Downtown Dubai, JBR etc. That will continue to draw buyers and investors over the coming year.
High-End Real Estate Is Increasing
Zoom Property Insights cited a recent Knight Frank report when stating that next year is expected to see a price increase of 13.5% for high-end properties in Dubai. Out of the top 25, this increase has grown the most. Paris, Los Angeles, and New York are also well-known names on the list. While Miami comes in at number two with an anticipated 5% increase in prices.
Popular Areas Are Anticipated To Remain So In 2023
According to Zoom Property Insights, the apartment market recently saw Palm Jumeirah experience the highest price hike of 5%. Meydan City, MBR City, and Living Legends came after it. The average home price increased in all of these communities by 4.7%. Emirates Hills saw the highest growth of 4.6 % for villas. Other notable 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 showed the most encouraging figures for rental apartments. With respective rates of 4.9%, 4.6%, 4.5%, and 4.4%.
DAMAC Hills (Akoya) (4.8%), The Sustainable City (4.9%), The Villa (4.8%), and Reem (4.7%) continued to be the most famous villa rental communities. Along with the aforementioned areas, Dubai Marina, Jumeriah, JBR, and Arabian Ranches predicted to key real estate markets in 2023.
The success of the Dubai real estate market can be attributed to a number of factors. Including Dubai’s status as a top tourist destination, the government’s changed policies, and visa regulations. That have been loosened, and an environment that is expat-friendly. Shobeiry concluded, “I think they will keep contributing to the sector’s success in 2023 as well.”