Dubai’s Luxury Property Market Eyes A Record 2023

Foreign buyers and high-net-worth individuals are showing interest in the Dubai market next year. At the same time, prices are expected to rise by 13.5%. Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island are also on the list of customers. Also, neighbourhood areas such as Emirates Hills and Jumeirah Bay Island.

According to the report, Dubai and neighbourhoods such as The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island are high on the list of customers. Dublin, Los Angeles, and Lisbon are next on the list, with a forecast annual percentage change of 5%.

The report says Dubai is one of the world’s most affordable luxury residential markets due to its relative affordability and prime home prices of around $800 per square foot.

As a result of Dubai’s safe-haven status, an exceptionally diverse group of ultra-high-net-worth individuals are seeking second-luxury homes. World-class government response to the pandemic has also boosted business confidence.

Moreover, prime residential prices will increase by 2.0% on average in 2023, down from the 2.7% predicted six months ago. Despite this slowdown, aggregate growth in 2023 would still surpass that recorded in six of the last ten years.

The World Cup has already positively impacted Dubai’s hospitality industry, including short-term rentals. The luxury-residential real estate market has been experiencing a boom since the pandemic outbreak. Brokers predict that it will have a big impact. According to reports, prime properties in some neighbourhoods of Dubai have already doubled in price. It has seen high-net-worth individuals booking them in advance.

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