Dubai’s luxury real estate market has shown resilience in the first quarter of 2023, with sales of high-end properties reaching Dh6 billion ($1.63 billion), reflecting a wider economic recovery. <\/p>\n\n\n\n
Wealthy buyers have been purchasing luxury homes in prime neighbourhoods of Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, which accounted for 64% of luxury home sales. The demand for homes at this price point from local and international ultra-high-net-worth individuals has been driving up prices in this exclusive market segment. Average transaction prices in these high-demand locations have reached Dh8,800 per square foot, a 16% increase from 2022.<\/p>\n\n\n\n
Dubai’s property market has been buoyed by its economic recovery from the coronavirus pandemic, higher oil prices, and investor-friendly government policies. The emirate’s economy expanded by 4.6% on an annual basis in the first nine months of 2022, with wholesale and retail trade accounting for 24.1% of its GDP. Emirates NBD estimates Dubai’s full-year 2022 growth at 5%, and expects the emirate\u2019s GDP to grow by 3.5% in 2023.<\/p>\n\n\n\n
The up-and-coming areas in Dubai include the Al Wasl-Dubai Canal and Tilal Al Ghaf, which have been rising quickly to prime status. Branded residential sales at the Al Wasl-Dubai Canal corridor are contributing to its emergence as a hotspot for ultra-high-net-worth individuals, while Tilal Al Ghaf is becoming an inland community that delivers on quality and amenities. Knight Frank forecasts that prime residential values in Dubai will rise by 13.5% this year, positioning the city as the fastest-growing residential market for the second consecutive year.<\/p>\n\n\n\n
Dubai’s property developers are set to record positive cash flow in 2023 for the fourth consecutive year on the back of healthy pre-sales and favourable payment terms, according to S&P Global Ratings. <\/p>\n\n\n\n
With a shortage of prime developments under construction and no slowdown in the relentless ultra-high-net-worth individual demand for luxury second homes in Dubai, the upward trajectory for prime prices is likely to be sustained.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dubai emerges as the world’s fourth-most active luxury residential market in the world with $1.63 billion in sales. <\/p>\n","protected":false},"author":11,"featured_media":198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[2,71,56,70],"_links":{"self":[{"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/posts\/194"}],"collection":[{"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/comments?post=194"}],"version-history":[{"count":0,"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/posts\/194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/media\/198"}],"wp:attachment":[{"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/media?parent=194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/categories?post=194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gulfnp.com\/wp-json\/wp\/v2\/tags?post=194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}