Dubai’s property market is booming, reaching a nine-year high and breaking the 2014 records. According to Allsopp & Allsopp’s latest report, the average price per square foot has soared to AED1,257. This surge marks 2023 as the most active year since record-keeping began.
Key Insights from the Report
Unprecedented Growth: Lewis Allsopp, CEO of Allsopp & Allsopp, predicts that the current 36-month cycle hasn’t peaked yet. This indicates that the market could continue to grow, making 2023 a landmark year for Dubai’s real estate sector.
Sustainable Growth: Unlike 2014, today’s market is driven by more end users. This shift towards genuine buyers rather than speculative investors ensures more stable and sustainable growth in property prices.
Positive Indicators for Dubai’s Growth
Several factors support Dubai’s strong real estate growth trajectory:
- Increase in New Car Registrations: An 8% rise in new car registrations, as reported by the Roads & Traffic Authority, reflects a growing and prosperous population.
- Growth in School Enrollments: A 12% increase in private school enrollments indicates a rising number of families settling in Dubai, boosting the demand for residential properties.
- Rise in Telecom Users: A 9.4% year-on-year increase in telecom users highlights the emirate’s expanding population and economic activities.
These positive indicators collectively point to a robust and stable upward phase in Dubai’s real estate market, signaling a remarkable performance.
What This Means for Investors
For real estate investors, this is an opportune time to consider investing in Dubai’s property market. The combination of high property prices and sustainable growth driven by end users rather than speculative investors offers a promising investment environment.
Conclusion
Dubai’s property market has not only broken past records but also set the stage for continued growth. With strong indicators and sustainable dynamics, 2023 is shaping up to be a remarkable year for real estate in Dubai. At Makani Marketing, we are excited to help you navigate this thriving market and seize the best opportunities available.
If you’re looking to invest in Dubai’s dynamic property market, now is the time. Contact Makani Marketing today to explore the best investment options tailored to your needs.
