Dubai’s real estate market has seen a significant amount of growth and change over the past year. In 2022, the market saw a surge in demand for residential and commercial properties, as well as an increase in prices.
The residential sector saw a strong increase in demand, with the number of transactions rising by 8.3% compared to 2021. The commercial sector also saw a surge in demand, with the number of transactions increasing by 11.2%. The rental market also saw an increase in demand, with the number of transactions rising by 6.7%. The average price of residential properties rose by 4.2%, with villas and townhouses seeing the biggest increases, while the average price of commercial properties rose by 5.3%, with office space seeing the biggest increases.
The growth in Dubai’s real estate market is expected to continue into 2023, with the number of transactions in the residential sector projected to increase by 9.5%, and the average price of residential properties expected to rise by 5.2%. The commercial sector is also expected to see an increase in demand, with the number of transactions projected to rise by 12.3%, and the average price of commercial properties expected to increase by 6.1%. The rental market is also expected to see an increase in demand, with the number of transactions projected to rise by 7.8%, and the average rent for residential properties expected to rise by 5.1%.
The growth in Dubai’s real estate market is being driven by a number of factors, including an influx of foreign investment, an increase in businesses setting up shop in Dubai, and a growing number of expats and investors looking to take advantage of the city’s attractive real estate market.
This is likely to continue into 2023, as more investors and businesses look to capitalize on the city’s attractive real estate market. With prices continuing to rise and demand increasing, 2023 looks set to be a great year for investors looking to take advantage of Dubai’s real estate market.
