The influence of the COVID-19 pandemic has caused some volatility in Dubai’s real estate market in recent years. Yet, the government has taken many steps to promote the industry and stimulate investment. The real estate market in Dubai is exhibiting signs of recovery, according to the Dubai Land Department’s Q4 2021 report, with total transactions jumping by 34.3% compared to the same period in 2020. The research also shows that property prices have risen significantly, notably for villas and townhouses.
The Dubai real estate market will continue to improve in 2023, fueled by increased demand from overseas investors, the Expo 2020 event, and government economic measures. Other new projects and initiatives have also been launched by the UAE government, including the Dubai 2040 Urban Master Plan, which seeks to make Dubai one of the world’s most sustainable and livable cities.
The city’s strong economic foundations will be a major element impacting the performance of the Dubai real estate market in 2023. The Dubai economy has fared well during the pandemic. This has enhanced demand for real estate in the city and led to investor confidence in the business. Due to increased demand from both domestic and foreign purchasers, the Dubai real estate market will continue to establish records in 2023. The future of the Dubai real estate market is bright because of the numerous new structures and projects currently under development throughout the city, as well as the stable economic climate supported by government policies and efforts.
According to the sustainable property developer, non-oil growth is expected to increase by 3.9 percent in 2023, which will benefit the Dubai property market. As the UAE seeks to diversify its economy away from reliance on the oil industry, aggressive government actions have positioned the UAE to be more sustainable.
The UAE’s industrial and manufacturing policies, as well as the UAE Tourism strategy, will stimulate the creation of new opportunities, necessitating the need for new skills and competencies, creating jobs, and elevating the country to the status of a truly global hub. Even, the UAE Golden Visa laws and residence through real estate investment schemes will continue to attract more foreigners to invest in and live in Dubai.”
Finally, stable economic fundamentals, an increase in new buildings, and increased demand from international investors will all contribute to the Dubai property market setting new milestones in 2023. Throughout the epidemic, the city’s real estate market has demonstrated resilience and adaptation, and this pattern is expected to continue in the coming years. As a result, both domestic and foreign investors continue to find the Dubai real estate market enticing as an investment opportunity.
