Dubai luxury property market to maintain fastest growth rate in H2

Dubai luxury property market to maintain fastest growth rate in H2

The luxury segment will continue to drive the capital value of the mid and affordable units as well

For illustrative purpose only

Published: Sun 30 Jul 2023, 2:35 PM

Demand for Dubai’s luxury properties will remain strong in the second half of 2023 and will be the fastest growing market among all the major cities around the world on the back of the continued inflow of millionaires, with the market facing a supply shortage of high-end units.

Following an 11.2 per cent increase in capital value during the January-June period, industry analysts project another up to 10 per cent increase in prices of high-end units during the second half, maintaining the fastest growth rate for the whole year.

Importantly, the luxury segment will continue to drive the capital value of the mid and affordable units as well.

“With record-breaking sales prices and robust sales absorption, sales prices are expected to see steady increases in the range of 5-10 per cent over second-half of 2023,” said Prathyusha Gurrapu, head of research and consultancy, Core.

“While historically Dubai’s ultra-prime market has been considerably cheaper than other global cities, with the recent launch of many uber-prime properties and branded residences such as Bulgari Lighthouse, Como Residences, Baccarat Residences and Six