Dubai property market set to hit new peak in 2023

Dubai property market set to hit new peak in 2023

Dubai real estate market will continue its upward trajectory in 2023 as the property prices and the annual rent are expected to increase further amid rising demand and interest from high net worth individuals (HNWIs) and foreign investors, according to the Zoom Property Insights.

The latest data from Zoom Property Insights forecasts that Dubai property prices are expected to increase up to 20 per cent increase on average and the luxury segment will continue to dominate with 13.5 per cent year-on-year growth in 2023.

Ata Shobeiry, CEO of Zoom Property, echoes the sentiment that the property market will continue its upward momentum on the back of strong demand from end-users and foreign and local investors.

“The Dubai property market has cemented its position as a leading real estate destination, with 2022 proving to be a remarkable year (so far) for the sector. It is expected to end on a strong note, paving the way for an even stronger 2023,” he said.

"I believe popular communities, such as Palm Jumeirah, Downtown Dubai, Dubai Marina, JBR, etc., will continue attracting buyers and investors in the next year as well,” Shobeiry said.

Referring to a recent report by Knight Frank, the Zoom Property Insights said the high-end properties