As a result of increased demand from overseas investors and high-net-worth individuals (HNWIs), Houzon predicts the Dubai real estate market will grow in 2023. Approximately 20% of Dubai property prices are expected to increase in 2023, with luxury property continuing to dominate the market at 13.5%.
A strong buyer’s market as well as foreign and domestic investments will keep the property market’s upward momentum, says Houzon CEO Vaneesh Sachdeva. “With the Dubai real estate market cementing its position as a global leader, 2022 has been a record-breaking year. As a result, 2023 is expected to be even stronger than 2022,” he said.
“The properties in popular areas such as Palm Jumeirah, Downtown Dubai, Dubai Marina, JBR, etc., are likely to continue attracting investors and buyers in the future,” Sachdeva said.
High-End Properties On The Rise
Using market experts’ most recent reports, Houzon predicts that 2023 will be another outstanding year for high-end residences in Dubai, with prices rising 13.5%.
2023 Is Expected To Be A Year Of Growth For These Top Areas
According to Houzon, Palm Jumeirah recently saw the biggest increase in apartment prices at 5%. The next three cities were MBR City, Meydan City, and Living Legends. Each of these localities saw an increase in house prices of 4.7% on average.
The number of villas rose by 4.6% in Emirates Hills. Additionally, Mudon, Jumeriah Village Circle, and MBR City accounted for 4.1%, 3.9%, and 3.1% of the overall population.
Among the highest rental apartment in Dubai occupancy rates, we saw 4.9% for Old Town, 4.6% for Dubailand Residence Complex, 4.5% for Green Community, and 4.4% for Downtown Dubai.
There was a steady increase in the rental rate for villas in The Sustainable City (4.9 percent), DAMAC Hills (Akoya) (4.8 percent), The Villa (4.8 percent), and Reem (4.7 percent). Apart from Jumeriah, JBR, Arabian Ranches, and Dubai Marina, other property hotspots in 2023 will include Jumeriah, JBR, and Arabian Ranches.
It’s this combination of factors that have helped make the Dubai property market a roaring success, including Dubai’s position as a leading tourist destination, government reforms, and visa rules that have made it so successful. According to Sachdeva, the UAE sector will continue to be successful in 2023 as well.
Key Takeaways
Dubai property market is expected to increase in 2023 in terms of property prices and rent, respectively. 2023 will see an increase in average property prices and rents in Dubai. 2023 is expected to see a price increase of 20%. There will be a 13.5% price increase in luxury properties in Dubai this year.
In terms of apartment buying, Palm Jumeirah, MBR City, Meydan City, and Living Legends are among the most popular communities in Dubai. There are several popular villa communities in Dubai, including Emirates Hills, Mudon, JVC, and MBR City. The Old Town, Dubailand Residence Complex, Green Community (DIP), and Downtown Dubai are some of the most popular areas to rent an apartment in Dubai. There are many villas available to rent in The Sustainable City, Damac Hills (Akoya), The Villa, and Reem.