Dubai mid-market properties see strongest demand and gains

Dubai mid-market properties see strongest demand and gains

Published: Sun 5 Nov 2023, 3:50 PM

Dubai continues to build on its position as a global economic hub in 2023, with the emirate achieving average growth of 3.2 per cent year-on-year to June this year, defying global economic trends in spite of increasing regional geo-political unrest. Its best-performing sectors by GDP include logistics and warehousing at 10.5 per cent followed by accommodation and food services at 9.2 per cent.

It is no surprise that Dubai’s real estate sector also demonstrated substantial GDP growth over the same period, racking up 3.6 per cent, thanks to an influx of investors and new residents who continue to pour into Dubai for its business-friendly regulatory environment and lifestyle offering.

High demand for affordable, high-quality apartments and the significant price uplift in luxury properties have helped to raise the price of apartments in all of Dubai’s affordable neighbourhoods. The apartment segment saw a 1.6 per cent increase in September 2023, with an overall year-on-year increase of 11 per cent, the highest value growth for apartments in over 10 years, according to a report by ValuStrat.

ValuStrat also highlighted in its June 2023 report that villa prices reached an all-time high, breaking price records previously set in June 2014,