HNWIs, visa reforms drive Dubai real estate market in 2022

HNWIs, visa reforms drive Dubai real estate market in 2022

Right now, it’s safe to say that the property market in Dubai has emerged triumphant, maintaining its reputation as a global real estate destination

A report from Knight Frank predicts that the market for luxury properties will grow further in 2023 by 13.5 per cent. This is a record in itself, as no other global property market is expected to touch double digits. — File photo

By Ata Shobeiry/Property Insight Published: Sun 1 Jan 2023, 3:32 PM Last updated: Sun 1 Jan 2023, 3:33 PM

The year 2022 started on a strong note for the Dubai property market. It had come out from the recovery phase that began in 2021 and navigated its way through many challenges, mainly the global recession. Right now, it’s safe to say that the property market in Dubai has emerged triumphant, maintaining its reputation as a global real estate destination.

The market has been at the forefront among various global destinations. However, things took a hit during the Covid-19 pandemic. It left lasting impacts on many industries. The Dubai property market, too, suffered a setback, but unlike other regions, it was back on its feet, and the numbers it produced in 2022 testify to this fact.

A record-breaking year

2022 proved