Dubai realty set to hit new peak in 2023

Dubai realty set to hit new peak in 2023

Rising demand from high net worth individuals and foreign investors will drive the property sector growth next year, experts say

Property prices in Dubai are set to rise 13.5 per cent next year as more and more foreign buyers and high-net-worth individuals are showing keen interest in the market. — File photo

Published: Wed 28 Dec 2022, 6:13 PM Last updated: Wed 28 Dec 2022, 6:14 PM

Dubai's property market is set to hit a new peak in 2023 on the back of an expected surge in property prices and rental value amid rising demand from high net worth individuals and foreign investors.

Next year, an estimated 20 per cent price increase is expected while luxury properties will witness a 13.5 per cent price growth, according to the Zoom Property Insights.

Ata Shobeiry, CEO of Zoom Property, said 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 for the sector. It is expected to end on a strong note, paving the way for an even stronger 2023,” he said.

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