Dubai Real Estate Spikes To Double Figure Rise In 4th Quarter Of 2022

The Real Estate market of Dubai is making its roots stronger with every passing day. Huge Dubai Real Estate Spikes are observed in the last quarter of 2022. A 1.8% price hike was observed in 2018 and a similar trend was followed in November, according to the Zoom Property Insights’ analysis. 

Dubai Rose To AED 1070 Per Square Foot

The increase in prices is attributable to industry investors and end-users. Average property prices in Dubai have risen to AED 1070 per square foot as per reported by Zoom Property Insights. It further reported that year-to-date prices for apartments and villas have increased by more than 8.5% and 13%, respectively. Luxury real estate especially is flourishing, with heavy foreign investment leading to higher prices. 

Dubai Produces The Highest Rise In Real Estate Around Globe

According to Zoom Property Insights, the number of luxury properties increased by 88.9% during the period from the third quarter of 2021 to the third quarter of 2022. It is the fastest-growing economy in the world, with Miami and Tokyo 2nd and 3rd with 30.8% and 17% growth respectively. “2022 has proven to be an excellent year for the luxury property segment and the trend is set to continue into 2023”, said the CEO of Zoom Property Insights Ata Shobeiry. 

Dubai Promises 2023 To Be A Big Year For Real Estate

The launch of a variety of new developing projects, featuring very high-yield properties will continue to attract wealthy individuals and foreign investors. Seeing the price hike trends throughout the year 2022, Zoom Property Insights predicted about a 15% rise in property prices in Dubai, specifically in the areas of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. In 2023, the emirate’s traditional residential market will increase by 7% on average. 

Dubai Seems To Do Impossible In Real Estate

Given the performance of the real estate market, that number certainly seems doable, said the CEO of Zoom Property Insights. Areas renowned for luxury properties, as well as affordable properties, performed exceptionally high, finding their route to end the year 2022 with a boom and starting the new year with a flourishing promise in real estate in Dubai.