Dubai Real Estate Set For 46% Growth In 2023, Data Shows
According to recent data, Dubai real estate is ready with the residential property segment to witness 46% growth in 2023. It is expected that Dubai will face a tremendous price rise in low-trending areas like Wadi Al Safa 4, Hessayan First, and al Yalayis which range up to 46 percent. Dubai will also witness a moderate price rise in already trending areas like Trade Center First, Al Wasl Part 2, and Palm Jumeirah.
Realiste data shows that Dubai’s real estate prices increased by 20% to 40%.
While in the last year there was an average price hike of 20-40 percent in Dubai, which included the price rise of Palm Jumeirah by 59 percent and Trade Center First by 210 percent.
This about-turn decision of Dubai is truly based on the launching of Realiste, a Proper Tech company in Dubai in May 2022. The company sets up an AI tool that allows investing in real estate in capital cities of the world like Dubai, Abu Dhabi, Riyadh, Istanbul, Tel Aviv, London, and New York, in turn becoming the asset owners.
Data shows that the global crises in the previous year were beneficial for Dubai as they gave way to the inflow of great profit through private wealth. Many Russian entrepreneurs, investors, and top-level professionals decided to migrate to Dubai seeking new homes, leading to the growth of real estate.
Also, it is found that within the mid of the year 2022, approximately 16 percent of Russian entrepreneurs migrated to Dubai and UAE. Furthermore, the local real estate market of Dubai was able to profit a lot from the Qatar FIFA World Cup 2022 as it acted as the greatest tourist attraction and finance hub in the middle east.
All these facts raised the property price in Dubai flooding a lot of profit. Palm Jumeirah won the hearts of foreign buyers by providing a next-to-waterfront experience for tourists which raised the demand for the property here. A rise in demand also raised the prices of this district as it occurred with high demand and low supply.
Other areas of Dubai which were filled will greeneries like Hadeq Sheikh Mohammed bin Rashid Part 2 which is widely known as Dubai Hills also were in high demand as they attracted further tourists.
Dubai Hills was attracted by those who were looking for places surrounded by parks and greeneries providing fresh air and who are bored with bay and canals. The studies show that Dubail Hills faced a price hike of 53 percent and reached an average of 16,00,000 AED in 2022.
According to the words of the CEO of Realiste, Alex Galtsev, Dubia will remain to be attractive as always to investors who are desiring to save their investments. This act will support the world by stabilizing the global crisis which also will further elevate the need for the local properties and other assets of Dubai in 2023.
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The AI-based study by Realiste said that the areas which underwent the greatest price growth in 2022 have reached the saturation point and will go through only minimal growth in 2023 while the other areas which are even more to travel to reach the limit will face a tremendous price growth in 2023.
According to the estimation, the prices of residential properties range from 12 million AED in Al Safouh First to 400,000 in Warsan First.
The company Realiste conducted research based on the details collected from December 2021 to December 2022. The researchers considered the various trends of real estate in Dubai like areas of Dubai that show a tremendous rise in the price, average cost properties in Dubai, and the most high-priced or low-priced areas of Dubai.
The research is based on the artificial intelligence technology of Realiste and is utilized for the development of the housing market and real estate in Dubai in the current year 2023.
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