In Q3 2023, Dubai’s real estate market experienced an impressive 40% year-over-year surge, resulting in AED97.5 billion in sales. Transactions also grew by 6% from Q3 2023 to the previous quarter. Despite this remarkable demand for rentals and purchases, Dubai’s real estate market is considered reasonably valued, as stated by ZāZEN Properties.
The city has seen substantial price growth, with a 14.6% annualized increase in real estate prices and a 20.3% annualized growth in rental prices from mid-2022 to mid-2023, figures that stand out on a global scale.
Key contributing factors to Dubai’s thriving real estate market, as highlighted by Madhav Dhar, COO, and founding member of ZāZEN Properties, include its reputation as a geopolitical safe haven, attracting international investments, and a growing focus on sustainable developments. Dubai’s anticipated population growth and streamlined visa regulations, combined with its favorable business environment and luxurious lifestyle, are driving international interest in the region, fueling real estate market growth.
Furthermore, Dubai’s commitment to sustainable development and its establishment as a unique global entity position its real estate market for continued expansion. This is why Dubai is a top destination for real estate, particularly given its current and projected fair market value. It also boasts one of the lowest bubble risks in the world when compared to other real estate markets.
Publish Date: Tue 17 Oct 2023
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