With price increases of nearly 3.3%, 2.5%, and 2%, respectively, Jumeirah, Downtown Dubai, and Palm Jumeirah remained the most popular apartment options in Dubai.
The Dubai Real Estate market is poised for a robust end to the year with an almost 1.8% price gain in October and a similar trend in November and December as investors end-users continued to invest in the Emirate’s real estate sector in areas such as Palm Jumeirah and Downtown Dubai.
According to recent data, the average price of a square foot of real estate has hit AED 1,070 in Dubai.
Additionally, it revealed that the prices of apartments and villas had increased this year by about 8.5% and 13%, respectively.
The luxury sector has, among other areas, dominated the real estate market.
HNWIs and overseas investors are putting money into this industry, giving it a notable boost.
The number of luxury properties increased significantly between Q3, 2021, and Q3, 2022, increasing by 88.9%.
This represents the most growth internationally, with Miami and Tokyo coming in second and third with growth rates of 30.8% and 17%, respectively.
HNWIs will continue to be drawn in by the introduction of new developments that feature prime properties in 2023.
With price increases of over 3.3%, 2.5%, and 2%, respectively, Jumeirah, Downtown Dubai, and Palm Jumeirah continued to be the most popular locations for apartments in Dubai.
Other neighbourhoods in Dubai that have attracted the interest of investors include DIFC, MBR City, Dubai Hills, and Business Bay.
With a price increase of over 3%, Palm Jumeirah maintained its supremacy in the villa market. Additionally, Jumeirah villas had a growth of more than 3.5%.
In addition, buyers for villas were drawn to District One, MBR City, Dubai Hills, and The Meadows.
Dubai’s affluent neighbourhoods will continue to draw HNWIs and millionaires, and prices are predicted to continue rising in 2023.
The general residential market, however, is anticipated to record consistent price increases in the year 2023.
The neighbourhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island are included in the Emirate’s top districts.
In 2023, the emirate’s primary residential market would see average prices rise by up to 7%.
Dubai’s Real Estate market laid the groundwork for an excellent conclusion to 2022 and an equally strong start to 2023.