Dubai property price rises seen slowing further in 2023: Betterhomes consultancy

Dubai property price rises seen slowing further in 2023: Betterhomes consultancy

Residential property prices in Dubai are expected to rise at a slower pace in 2023 after a record year that saw a more than 60 percent increase in total units sold, according to one of the city’s biggest real estate consultancies. Prices are seen rising by about 5 percent this year, after climbing 11 percent in 2022, which itself was a slowdown from a 21 percent increase in 2021, Richard Waind, group managing director of Betterhomes, told Reuters.

For the latest headlines, follow our Google News channel online or via the app. “(Higher) interest rates haven’t removed the underlying demand. But they are certainly having an impact on people’s willingness and ability to pay more for properties,” Waind said, though he said the market has taken rising rates and a strongdollar “in their stride so far.” “We’re obviously less exposed to interest rates here through the prevalence of cash purchases. So, in the UK, US, cash purchases are somewhere between 20 and 40 percent of all transactions. Over here, it’s