Dubai’s real estate market remains resilient despite global recession fear

Dubai’s real estate market remains resilient despite global recession fear

The real estate market in Dubai will remain resilient despite fear of global economic recession or slowdown in major economies this year, says an expert.

Hatem ElSafty, founder and CEO of Business Link, a business setup consultancy in Dubai, said the outlook for the real estate market is bright due to rising demand from high-net-worth individuals (HNWIs) and millionaires, especially in the luxury segment.

“As a business setup consultancy, we have seen a boost in the real estate and tourism licenses issued this year. Dubai’s strong portfolio attracts foreign investors and entrepreneurs to join the emirate’s booming property sector as they want to set up their business operations in the UAE,” ElSafty said.

Zoom Property Insights data indicates that the luxury market will continue to grow in 2023, with a 13.5 per cent yearly increase. The numbers suggest that the property market is showing no signs of slowing down, with a sharp rise in interest from investors and buyers alike.

The real estate market in Dubai has been a key driver of the UAE’s economic growth over the past few decades as it attracts investors worldwide with its luxurious developments and tax-free environment.

The sector has experienced significant growth in recent years, with soaring property