Dubai’s property prices, rents to continue to rise in 2023 : Report

Dubai’s property prices, rents to continue to rise in 2023 : Report

Real estate in Dubai saw a bumper year in 2022 with record-breaking transactions and soaring property prices – and the trend is expected to continue in 2023, according to a new report, spelling good news for landlords but more rental woes for tenants.

Prices and transactions soared amid a strong economic recovery from the COVID-19 pandemic and the introduction of long-stay visas, property agents Allsopp and Allsopp said in their latest report.

For all the latest headlines follow our Google News channel online or via the app.

Record-breaking sales

This led to a record-breaking $72.2 billion (Dh265 billion) in real estate sales in 2022 – an all-time high and a 61 percent year-on-year increase in transactions. The sales value of transactions increased by a staggering 77 percent year-on-year.

The average villa or townhouse was sold for $1.36 million (Dh5 million) – an increase of 28 percent – while the average rental price for a villa or townhouse averaged at $80,000 a year (Dh297,000).

British buyers accounted for the highest proportion of retail transactions in 2022, followed by Indian, buyers from France, and Russians, the report said.

The areas which recorded the highest sales transactions for villas and townhouses in 2022 were Dubai South, Damac Hills, and Villanova,