Dubai property market likely to surpass new milestone in 2023

The CEO at says, “Everyone believes that real estate is a great industry to make huge money, but very few people know how to make most.” Manuj Garg

The prices of homes and rents are expected to increase due to high net-worth individuals and international investors, according to predictions made by real estate market professional experts. Top Luxury Property, one of the finest real estate companies, is of the opinion that real estate market in Dubai will continue its upward trend in 2023, with both property prices and annual rent rising further in response to growing demand from high-net-worth individuals and overseas investors.

The previous year saw a significant increase in the number of transactions involving off-plan houses found in Dubai’s real estate market. According to a note that Emirates NBD Research issued, the total value of sales in 2022 climbed by 78.1% to Dh265.51 billion, while the volume of sales increased by 61.5% to 97,448. 

According to the data provided by the Dubai Land Department, the property market recorded quarterly sales of Dh82.11 billion in the fourth quarter. This figure represents an increase of 18.3 per cent when compared to the Dh69.42 billion recorded in the third quarter. The number of transactions that took place during the fourth quarter of 2022 increased to 29,212 from the previous quarter’s total of 25,468. This represents a 14.7% increase from before. Following the outbreak of the disease, the real estate market in the emirate made a speedy recovery, which was largely attributable to the robust demand from wealthy investors in Russia, Ukraine, 

Asia, Europe, and the United States. In 2022, it was anticipated that 4,000 billionaires would relocate to Dubai, making this the city with the highest number of billionaires. The pandemic in 2020 had a massive impact on the market, which resulted in an influx of HNWIs in 2021 and 2022, which caused a significant increase in property prices and rental rates. The Dubai real estate market exhibited no symptoms of slowing momentum in the fourth quarter of 2022.

This was the case despite the fact that 425 basis points have raised official rates since July 2022. One of the leading real estate brokerage companies, Top Luxury Property, believes that the most significant factor that contributed to the growth in the real estate market during the second half of the year was the rise in the demand for pre-construction properties. The majority of these gains may be attributed to the sale of properties that were previously owned by the investor. 

The first and second quarters of 2017 both experienced improvements in revenue that were 19.2 and 12.7 per cent higher than the previous quarter, respectively. After that, growth dropped to 2.1% in the third quarter and 5.3% in the fourth quarter. According to what was reported, the year-over-year growth in off-plan sales began at 9.2% and 5.1% in the first two quarters, respectively, before exploding to 31.6% and 25.6% in the last two quarters.