This year, Dubai has become one of the beneficiaries of major global geopolitical crises. Dubai will continue to be attractive to foreign buyers looking to protect their assets. It will strengthen its position as geopolitical instability and the energy crisis worsens.
Demand for local real estate and the market will continue to grow in 2023
Realists conducted the research based on data collected during the 12 months between December 2021 and December 2022. The analysis includes trends in the real estate market in Dubai: the areas of the city showing the highest growth, the average real estate price in the city, and the locations with the highest or lowest prices. This analysis is based on Realiste artificial intelligence technology and forecasts the growth of the Dubai housing market in 2023. You can also look at these modern villas for sale in Dubai.
Property prices in Dubai have increased by an average of 20-40% over the last 12 months, with Trade Center First properties up 210%. “Most of the fastest growing regions in 2022 have reached their price thresholds and will grow moderately by 2023. Information released by CBRE shows that as demand for real estate in Dubai rises, Average rental prices for Dubai properties increase by more than 27%.
Recent Developments in the UAE Residential Real Estate Market
In January 2022, United Arab Emirates-based conglomerate Alfa Dhabi Holding (ADH) acquired an additional 17% stake in Aldar Properties, Abu Dhabi’s largest property developer, and that stake was transferred to his 29.8%. In this latest investment, Alpha Dhabi Holding completed its acquisition of Sublime 2, Sogno 2, and Sogno 3, which own 17% of Aldar properties.
In November 2021, Emaar Beachfront was pushing forward with a new 10 million square meter luxury residential development at the new maritime hub of Dubai Port. This place is the best, a private gated island built in the style of a resort. You can expect full facilities unique to a premium resort. The 1.5 km promenade has restaurants, bars, and cafes, as well as leisure facilities such as shops and a playground. And the beautiful Dubai Marina is on your doorstep. Also, got the opportunity to invest in Villas for Sale in Palm Jumeirah.
A rise in the prices of prime real estate
Dubai’s real estate market is one of the most expensive in the world, which is why critical real estate prices are constantly rising. Despite the global recession, Dubai’s real estate market remains strong, with prices up 5% last year.
Competition for prime real estate is intensifying as more and more people are drawn to the city for its luxurious lifestyle and tax-exempt status. This is especially true for properties in desirable locations such as Palm Jumeirah and Downtown Dubai. Investors around the world are eager to get their hands on a piece of the market, driving prices even higher. With this demand continuing, prime real estate prices are likely to rise in the coming years.
Increased construction of skyscrapers
In recent years there has been an increase in the construction of skyscrapers in Dubai. This is due to the growing population of cities and the increasing demand for housing. Due to the revision of the law, the construction of high-rise buildings is also increasing.
In 2014, the government of Dubai relaxed the rules on skyscrapers to allow developers to build taller buildings. The result is an explosion of skyscrapers and many new buildings are being built all over the city. The trend towards high-rises will continue as Dubai’s population continues to grow and housing demand continues to grow. Developers are trying to meet the demand for housing by building skyscrapers. Cities generally look like developers. Get the most out of your soil.
The traditional architecture of Dubai is a mix of Arabic, Persian and Islamic styles. This change is due to an increasing number of international companies and investors coming to Dubai, attracted by the city’s modern infrastructure and tax-exempt status.
Demand for office space and luxury apartments is increasing
This has led to a boom in the construction industry, with many new buildings being built every year. The trend towards modern architecture is also visible in residential construction. .
More and more people are opting for modern apartments and villas with beautiful and stylish interiors. This contrasts with traditional Emirati homes, which are often decorated in a traditional style. As Dubai becomes more and more globalized, the transition from traditional to contemporary architecture is likely to continue in the coming years. This provides opportunities for architects and developers to create innovative and exciting buildings, further establishing the city as a leading international destination.