Dubai real estate set for 46% growth in 2023, data shows

Dubai real estate set for 46% growth in 2023, data shows

Dubai’s booming real estate sector is set for further growth next year, with a projected growth of 46 per cent, recent research showed.

According to data from Realiste, property prices in Dubai grew by 20-40 per cent over the last 12 months. Some areas saw even a bigger upturn. To illustrate, Palm Jumeirah grew by 59 per cent, and Trade Center First by 210 per cent.

Realiste is a PropTech company based in Dubai. It was launched in the UAE and Saudi Arabia as part of its Middle East North Africa expansion in May 2022.

The company develops an AI-powered tool that enables investing in real estate in major capital cities, including New York, Abu Dhabi, Dubai, Riyadh, and London. The system also notifies the asset owners when it is the right time to buy or sell their properties.

This year, Dubai became one of the few beneficiaries of massive geopolitical crises across the globe. It saw the biggest inflow of private wealth this year as Russian entrepreneurs, investors, and top level professionals were seeking new homes. According to the analytics agency Dsight, more than 16 per cent of Russian companies and entrepreneurs relocated to the UAE and Dubai, in particular, in the first