Dubai’s prime residential property market is predicted to expertise the quickest development internationally in 2023, in response to a examine by Knight Frank, a London-based actual property company.
Knight Frank’s 2023 Premium Prediction report tasks that residential property costs will improve by 13.5% this yr in Dubai, pushed by a robust curiosity in off-plan actual property from high-net-worth people and abroad consumers. Off-plan property refers to uncompleted (in progress) constructions.
In 2022, off-plan gross sales accounted for 55% of total gross sales quantity and 56% of complete gross sales worth, a big improve from 2021. The Dubai Land Division registered over 88,000 transactions within the first 11 months of final yr, a 60% development from the identical interval in 2021.
In November 2022, off-plan residential actual property gross sales reached a two-year excessive of $3.7 billion, with traders focusing totally on flats. Practically 8,000 transactions involving flats have been made, a 74% improve from November 2021.
Based on the report, high-end actual property in Dubai is more likely to improve additional within the following yr, owing to rising worldwide demand.