Tourism, visa reforms to drive Dubai realty in 2023

Tourism, visa reforms to drive Dubai realty in 2023

The current and projected market conditions are in favour of owners of Dubai residential properties, especially in sought-after locations such as the coastal areas — Dubai Marina, Jumeirah Beach Residence, Bluewaters, Beachfront, Palm Jumeirah and Port de la Mer, says an expert.

Dubai’s real estate sector will sustain an upward growth this year as the investors and end-users will continue to pour money in the emirate’s residential segment sector amid strong believe in the bright prospects of the economy, experts say.

Analysts, leading executives and industry stakeholders said tourism, visa reforms and labour reforms will continue to drive investment in the UAE’s real estate sector.

They expect up to 10 per cent growth in real estate prices this year due to strong demand in luxury sector as high net worth individuals and millionaires are moving to Dubai because of its stable economy, successful strategy to contain the Covid-19 pandemic and erecting excellent infrastructure.

Haider Tuaima, director and head of Real Estate Research at ValuStrat, said the latest report suggests that there is a 7-10 per cent average increase in property prices in prime areas.

"The ValuStrat Price Index saw 2022 general home prices 12.7 per cent over 2021. The VPI for prime properties increased by