Property prices and annual rents are expected to increase further as Dubai real estate market will continue its upward trajectory in 2023, according to Zoom Property Insights.
The reason behind the upward tend is rising demand and interest from foreign investors and the high net worth individuals (HNWIs), the report said.
Dubai property prices 2023
Dubai property prices are likely to increase up to 20 percent on average while luxury property will continue to dominate with 13.5 percent growth in 2023, forecasts from the latest data from Zoom Property Insights showed.
Ata Shobeiry, CEO of Zoom Property, said that Dubai has cemented its position as a leading real estate destination in 2022.
“This year is expected to end on a strong note, paving the way for even stronger 2023,” he said.
Shobeiry said that popular communities, such as Palm Jumeirah, Dubai Marina, Downtown Dubai and JBR will continue attracting investors and buyers in 2023 as well. He added that Dubai has emerged on top as the most popular tourist destination due to the reformed policies by the government authorities.
“Apart from the government’s reformed polices, expat-friendly environment and relaxation in visa rules have helped to make Dubai real estate market a roaring success. I believe they will continue to contribute to the property sector’s success in 2023 as well,” Shobeiry concluded.
Here are top Dubai areas expected to remain popular in 2023
Apartments
- Palm Jumeirah
- MBR City
- Meydan City
- Living Legends
Villas
- Emirates Hills
- Mudon
- Jumeriah Village Circle
- MBR City
Rental apartments
- The Old Town
- Dubailand Residence Complex
- Green Community (DIP)
- Downtown Dubai
Rental villas
- Sustainable City
- DAMAC Hills (Akoya)
- The Villa
- Reem.
Apart from the localities mentioned above, Jumeriah, JBR, Arabian Ranches, and Dubai Marina are likely to drive Dubai property market in 2023.
tanvir@dubainewsweek.com
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