Dubai Real-Estate is predicted to witness a more aggressive bull run in 2023 with the residential property segment projected to see a 46 percent growth next year. The coming year however is projected to throw up many surprises in terms of price rise, with currently not-so-hot areas such as Wadi Al Safa, Hessayan First and Al Yalayis expected to see sharp rise in prices ranging upto 46% while the hot favourites of 2022 such as Trade Center First, Al Wasi Part 2 and Palm Jumeirah expected to see only moderate growth in prices, the study in Dubai based housing market analytics firm Realiste said.
Property Prices in Dubai grew on average by 20-40 percent over the last 12 months, with properties in Trade Center First posting upto a whopping 210 percent jump. The study projected the Dubai real-estate market to see an upward trend in the following year with an overall price increase of 15 percent with some areas growing by upto 46%. The average residential property prices in Dubai now range from AED12 million in AL Safouh First to AED 400,000 in Warsan First, the study said. Realiste said this year Dubai became one of the few beneficiaries of massive geopolitical crises across the globe.
It saw the biggest share of private wealth this year as Russian entrepreneurs, investors and C-level professionals were seeking new homes,” the research based on data collected over 12 months between December 2021 and December 2022 said. According to analytic agency Dsight, more than 16 percent of Russian Companies and entrepreneurs were relocated to the UAE-Dubai in particular -in the first half of the year. Apart from the global crises, the local real estate market profited from the just concluded Qatar FIFA 2022 World Cup.
In the first part of 2022 trendy districts like Palm Jumeirah showcasing their next-to-the-waterfront experience witnessed the highest demand for property. “Prices in those districts also grew largely due to an imbalance between low supply and high demand, the Realiste said. Districts with green areas like Hadeq Sheikh Mohammed bin Rashid Part-2 also know as Dubai Hills also saw massive growth.
