Dubai Real Estate Market Prices To Rise in 2023, Hit AED300 Billion
The Dubai real estate market is set to experience unprecedented price growth by the end of 2023, surpassing major cities such as Miami and Paris, according to the “Dubai Property Market Forecast for 2023” report by sustainable property developer, ZāZEN Properties.
The rise in prices is directly linked to the increase in sales volume, with Dubai witnessing a substantial 75 percent growth in registered sales in 2022 compared to the previous year. Forecasts predict that the real estate sector will reach AED300 billion by the end of 2023.
In 2022, sales volumes in the emirate registered AED261 billion, showing a 75 percent increase from AED149 billion in 2021.
However, despite projections of a 50 percent increase in the cost of prime properties compared to 2021, luxury housing in Dubai remains more affordable than anywhere else in the world, despite the significant price surge.
