Dubai real estate market prices to rise in 2023, hit AED300bn
According to the “Dubai Property Market Forecast for 2023” the Dubai real estate market is on the verge of witnessing an unprecedented escalation in prices by the conclusion of 2023, surpassing renowned cities like Miami and Paris.
This notable price hike is intrinsically linked to the upswing in sales volume, with Dubai experiencing a remarkable 75 percent surge in registered sales throughout 2022, in stark contrast to the previous year. Expert predictions envision the real estate sector reaching a milestone AED 300 billion valuation by the close of 2023.
In the preceding year, the emirate recorded sales volumes totaling AED 261 billion, signifying a substantial 75 percent upsurge from the AED 149 billion recorded in 2021.
Despite forecasts pointing towards a 50 percent elevation in prime property costs compared to 2021 figures, the allure of luxury residences in Dubai remains exceptionally affordable in global comparison, even with the notable price surge.