REAL ESTATE MARKET IN THE UAE
The real estate market in Dubai peaked at the end of 2022 and independent observers call it the most successful in the history of the country. According to the latest report from the Dubai Land Department (DLD), the total sales for 12 months amounted to AED 265 billion ($72.1 billion), which was the highest annual value in the history of the emirate with an increase of 76% compared to 2021. The number of transactions exceeded 97,000, which is over 60% more. The average price per square meter increased by 9-23% depending on the type of housing. However, in the most prestigious areas, the annual growth rate of property prices reached a record 100%. Luxury property sales grew by 97% in value and 85% in volume. Analysts expect the metropolitan real estate market to continue growing in 2023.
DYNAMICS OF REAL ESTATE PRICES IN DUBAI
Over the year, property prices in Dubai increased significantly. The growth rate ranged from 9 to 23% per square meter, depending on the type of property and whether it is a completed project or an off-plan one. According to analytics platform DXB Interact, which works in collaboration with DLD, the average figures are as follows:
| Property type | Growth rate | Price per square meter, AED/$ |
|---|---|---|
|
Completed apartments |
14% |
11 000/3000 |
|
Completed villas |
9% |
9000/2500 |
|
Off-plan apartments |
17% |
22 000/6000 |
|
Off-plan villas |
23% |
11 000/3000 |