Emerging Dubai Real Estate Trends 2022/2023
The improved performance of the real estate sector in 2021 showed that the government’s COVID-19 policies supported the growth of Dubai’s economy. As the impact of the coronavirus crisis starts to fade, the real estate sector is witnessing a boom with the registration of new 5-, 8-, and 12-year contracts. With an increase in sales, property prices have also started to rise. According to the Dubai Land Department, housing costs increased by 33.4 percent in January this year to AED 1,575 per square meter.
Last year, Dubai strengthened its position as the most attractive city in the world for businessmen and ex-pats because of:
- Technological development and high quality of life
- Safe urban environment
- Excellent infrastructure
- Visa and labour reforms
- No income tax
- Highly effective fight against COVID-19
Emerging Trends in 2022-23
According to Bloomberg, prices of properties will continue to increase for the next couple of years at least. After the sharp increase in property prices in 2021 following the drop in prices from 2014 to 2020, housing prices are expected to rise by at least 3% in 2022 and 2.5 percent in 2023.
People buy property to resell and make money. There has been an increase in the number of such transactions in recent times.
Currently, the values of properties are one-fifth of their values in 2010 during the credit crunch.
More than 35,000 new housing units are available on the market. According to Bloomberg, as many as 53,000 new units are expected to be commissioned during 2022–2023. While part of this is already completed and on sale, new areas will be developed based on demand. This is expected to drive the real estate market to a whole new level.
If you are planning to invest in the real estate market in Dubai, now is the best time. GO360 Properties can help you. We have been operating in the UAE market for more than 15 years now and have helped many clients find residential and commercial properties as well as office spaces that best suit their requirements. We will ensure that you bag the best deals, whether you want to buy, sell, or rent properties in Dubai.