Gulf Bytes

Dubai’s Real Estate Market Expected to Rise by 40% in 2023

The CEO at TopLuxuryProperty.com says, “Everybody knows they can make a lot of money in Real estate, but only a few know the tricks.”

With every passing second, the Real Estate market is rising at a slower pace benefiting thousands of real estate brokerage companies. By keeping such facts in knowledge, the CEO of TopLuxuryProperty.com, Mr Manuj, is surviving well in the competitive real estate industry. Because of his ten years of experience and keeping in touch with the latest stats in the real estate industry, he was able to relocate to Dubai successfully in 2021. Many in the industry were blown away by his persistence in building up the company and his sense of responsibility when he enjoyed a real estate boom with a high turnover of no less than a hundred million dirhams in just a year.

Recent studies predict that Dubai’s thriving real estate market will expand by an additional 46% in 2023. Realiste reports that Dubai real estate prices have increased by 20-40% in the current year. There was an even more dramatic improvement in some regions. Take, for instance, the 59 per cent increase in the size of Palm Jumeirah and the 210 per cent expansion of Trade Center First.

This past year, Dubai was one of the few locations that benefited from the broad turmoil that occurred all over the world. This year has seen the highest infusion of private money ever seen from moving Russian business magnates, investors, and high-ranking experts in their respective fields. 

According to research by the analytics firm Dsight, during the first half of the year, more than sixteen per cent of Russian enterprises and entrepreneurs moved their operations to the United Arab Emirates, and more specifically to the city of Dubai.

The Fifa 2022 World Cup was beneficial to Qatar’s local real estate market, despite the global recession that was going on at the same time. Together with Qatar, Dubai reaped significant benefits as a result of its expanding significance across the Middle East as a destination for tourists and a financial hub.

Dubai-based Realiste is a company that specialises in the use of technology in real estate. In May of 2022, it was launched in the United Arab Emirates and Saudi Arabia as part of its expansion across the Middle East and North Africa. The company’s artificial intelligence (AI)-the powered tool can be utilised in the real estate markets of major cities across the world, including New York, Abu Dhabi, Dubai, Riyadh, and London. Also, the system notifies the owners of the assets when it is a suitable time to either buy or sell the assets.

The real estate market in Dubai is analysed, including the areas with the most growth, the citywide average property price, and the most expensive and least expensive neighbourhoods. The analysis provides predictions for the development of Dubai’s housing market in 2023, which uses Realiste artificial intelligence technology.

The average price for a home in Wadi Al Safa 2 Part 1 is Dh425,000, while the average price for a home in Al Safouh First Part 2 is Dh12,042,618. According to Reallste’s AI, the areas of Trade Centre First and Al Wasl Part 2 are the most expensive in all of Dubai.

Factors Driving Growth

Demand for real estate peaked in the early half of the year, specifically in hip neighbourhoods close to water (such as Palm Jumeirah). As a result of supply constraints and excessive demand, prices increased in some regions. Hadeeq Sheikh Mohammed Bin Rashid Part 2, also known as Dubai Hills, a neighbourhood famed for its abundance of green space, saw particularly rapid development. 

Families who had grown tired of urban life in the bay or canal districts moved there for the green space. At Dubai Hills, for instance, the average price rose by 53 per cent to about Dh1,600,000. The majority of the 2022 breakout markets will continue to see mild price increases through 2023 after hitting their price caps.

For instance, in Palm Jumeirah, where the average price is about Dh3.95 million, Realiste AI data predicts a 5% increase in fees by 2023. Because of these up to date information, TopLuxuryProperty.com has benefited greatly by investing and buying new properties at the right time. 

On the other hand, underserved regions will expand rapidly since they have not yet achieved their price peaks. To illustrate, in 2022, the housing market in the Jumeirah Village Triangle grew by 62%, with average house prices reaching Dh731,403. Forecasts indicate a 29% increase in local property values by 2023. Dubai’s property market is expected to increase next year. Local costs would climb by between 10% and 45% annually, as predicted by Realiste AI.

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