The countries of the Persian Gulf are a symbol of luxury and comfort and attract many tourists. One of the richest emirates is Dubai with its capital in the city of the same name.
It is visited by a large number of businessmen, travelers who want not only to spend time in the city, but also to buy or rent real estate. To understand the trends of this market, you should find more information on https://mydubai.media.
Real estate market
In this segment, an increase in the number of transactions is recorded annually. Therefore, despite the increase in the number of facilities, the commissioning of new ones, prices are also rising. According to MyDubai Media portal, in 2022 the number of concluded sales agreements reached a record level. The indicator in terms of quantity was 90881, which in value terms exceeded 136 billion US dollars.
At the same time, the growth in sales of construction projects in progress amounted to more than 92%, in the secondary housing sector — more than 32%. Prices are also on the rise, especially in the Palm Jumeirah coastal region, where demand is high and there is little supply for sale.
In general, all coastal areas of Dubai have expensive real estate. This is due to two factors: excellent infrastructure, comfortable facilities and constant growth in cost. Owners simply do not want to part with their property, because its investment attractiveness is increasing every year.
Prices are rising for apartments by 9.5%, for villas — by 12.8%. This means that the attention of buyers is focused on the luxury segments of real estate, more and more rich people from around the world want to buy a house here. Last year, 80,216 new investors were registered, making a deal in Dubai for the first time.
Main trends
Among the forecasts, there is an estimate of the growth of the real estate market by 46%. It includes the commissioning of new facilities, where they expect the appearance of 30-35 thousand houses and apartments. At the same time, according to experts, the price increase will be 10-15%.
The government of the emirate has developed a plan to turn Dubai into an example of a real estate market, where new solutions in this area will be introduced, innovative facilities will be created, transparent and convenient rules for investments will be formed, and means of their protection will be provided.
Buyers should pay attention to other areas of the city. An increase in demand is predicted for properties in undervalued parts, where real estate is not so expensive, they have more potential for growth in value.