Dubai’s property market is set to grow by almost 13.5 percent in the coming year marking a remarkable growth in the city. Foreign investors and high-net-worth individuals are known to contribute greatly to this significant growth.

As per global property consultancy Knight Frank’s prediction, in 2023, the luxury property market is going to expand and grow exponentially with a 13.5 percent price increase. Neighborhood areas like The Palm Jumeirah, Jumeirah Bay Island, and even Emirates Hills are dominating their position in customer preferences. 

The prime home prices in Dubai are currently running at $800 per square foot. Making the city one of the most expensive cities for property investment and residential market. 25 cities across the world have predicted a 2 percent rise in price by 2023. The aggregate of which combined is less than Dubai’s exponential price hike. The property shortage has paved the way for a boost in luxury real estate in Dubai.

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