Next year, prices for luxury real estate in Dubai will increase by 5%
According to the Knight Frank consulting company, prices are expected to rise by 5% in the Dubai luxury real estate market next year.
According to the results of the Knight Frank report published on Monday, November 6, 2023, the Dubai luxury residential real estate market expects a steady increase in prices, mainly due to limited supply and a recovery in demand from buyers from countries such as China and India.
It is expected that the value of real estate in the main markets of the emirate, including The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, will grow by 5% next year, according to a report by Knight Frank.
According to analysts’ forecasts, prices in other segments of the residential real estate market will grow by 3.5%.
In Q3 2023, the average price of residential real estate in Dubai increased by 19% year-on-year and by 5% compared to the previous quarter, while the cumulative price increase was 30% compared to Q1 2020.
In Q3 2023, apartment prices increased by 19% year–on-year, and villa prices increased by 18%.
In the first nine months of this year, average house prices increased by 15.6% year-on-year.
According to the latest data from the Dubai Land Department, 116,116 new real estate transactions worth about 429.6 billion dirhams (US$117 billion) were registered in Dubai in the first nine months of 2023.
The total number of transactions increased by 33.8% year-on-year, and their amount for the specified period increased by more than 36.7%.
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