According to the 2023 Premium Prediction study from international real estate firm Knight Frank, Dubai’s prime residential prices are expected to experience the fastest growth internationally in 2023.
Due to the growing interest in the market from high-net-worth people and overseas purchasers, prices are predicted to increase by 13.5% in the upcoming year.
Now, let’s take a look at some of the property news that caught our attention last week. I’ve included the summary of each article below.
Off-plan real estate sales in Dubai will continue to soar in 2023
Off-plan sales have had phenomenal growth, accounting for nearly 55% of overall sales volume in 2022 (up from 44% the previous year) and 56% of total sales value (up from 41% in 2021). High-end real estate in Dubai is expected to continue this increase, as the market is expected to continue to be driven by burgeoning international demand.
Dubai logs over AED8.1bn in weeklong real estate transactions
A total of 2,574 real estate transactions worth over AED 8.1 billion were conducted during the week ending 13th January, 2023, according to figures released by the Dubai Land Department (DLD).
Dubais residential property market acts like an oligopoly
The residential real estate market in Dubai behaves much like an oligopoly, according to property consultancy, Colliers International.
Dubai Number 1 as global locations for luxury real estate in 2023 as per Knight Frank
In its annual survey, property consultancy Knight Frank ranks Dubai the number one city for growth in 2023, with expected price hikes of some 13.5%.
Dubai developer cashes in on luxury property demand with $54m Creekside mansions
Dubai developer MAG has announced the release of four more ultra-luxurious mansions at its Ritz-Carlton Residences project as it seeks to cash in on the strong demand for prime property in the city.