Dubai real estate. All set to go BOOM
Some facts from Bloomberg.Dubai is the world’s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere.The Middle Eastern business hub racked up 219 sales of properties worth $10 million or more last year, according to property consultant Knight Frank LLP. By comparison, New York registered 244 deals worth $10 million or more, Los Angeles, 225 transactions and London, 223. Dubai was also the fifth most active city for sales worth $25 million and above with 26 transactions.All this indicates a significant upward spike in the Dubai real estate market this year, with prices projected to increase by at least 10-15% across the city, and up to 46% in some areas. These numbers are from Realiste AI, a leading real estate analytics firm that uses machine learning algorithms to analyze data and forecast trends in the industry.According to Realiste AI's latest report, the expected growth is attributed to various factors including:
- Dubai's growing reputation as a global business hub and its continued investment in infrastructure and development projects.
- The report also highlights increased interest from foreign investors.
- While some areas are expected to see a substantial surge in prices, others will see more moderate growth.
- However, the overall outlook for the Dubai real estate market remains positive, with an upward trend expected throughout the year.
What Reports Are Showing the Boost?
The report also notes that the COVID-19 pandemic has accelerated the trend towards more flexible work arrangements, with an increasing number of people looking for homes that offer a better work-life balance. This has led to a rise in demand for properties with outdoor spaces, home offices, and other amenities that cater to remote work.As the Dubai real estate market continues to thrive, investors and homeowners alike are encouraged to keep an eye on the latest trends and make informed decisions to capitalize on the growth opportunities presented by this dynamic and rapidly evolving market.
According To DXB Intract Data
Why Is Dubai’s Real Estate Market Forecast To Grow By 46% In 2023?
One of the key drivers of growth is Dubai's growing reputation as a global business hub. The city has long been a magnet for international companies, thanks to its strategic location, world-class infrastructure, and attractive tax regime. In recent years, Dubai has invested heavily in its business infrastructure, including the construction of the Dubai World Trade Centre, which is set to become the largest exhibition and conference center in the region. As more businesses choose to establish a presence in Dubai, the demand for commercial real estate will continue to rise, driving up prices.
Another factor fueling Dubai's real estate boom is the government's commitment to ongoing infrastructure and development projects. The city is currently undergoing a massive expansion, with new residential and commercial developments springing up across the city. Some of the most notable projects include the Dubai Creek Harbour, the Dubai Hills Estate, and the Dubai South development. As these projects are near completion, demand for properties in these areas is expected to soar, leading to significant price increases.
A strategic plan has been drawn up at the highest levels in government to boost the real estate sector.
The primary mission of this plan is to provide seamless real estate services in Dubai, along with implementing effective legislation and providing the necessary human capital for the sector to grow and evolve.
The strategy, which will be implemented until 2026, also aims to increase the contribution of the real estate sector to the Emirate’s GDP, which will in turn play a crucial role in helping Dubai to become one of the most developed economies in the world.
Acknowledgement : This article is curated from some of the best sources in real estate journalism.
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