The real estate market in the emirate of Dubai boasts a strong end to the year. As a result, a 1.8% growth was seen throughout October, and November showed a similar trend. This can be explained by a high demand for properties among investors and people wishing to live in one of the most developing locations in the world.

Currently, the average price of a property in Dubai is AED 1,070 (USD 290) per sq. ft. The cost of an apartment in the emirate has increased by over 8.5%, while villa prices have grown by 13%. Moreover, there is a high demand for luxury properties among foreign investors. Between Q3 2021 and Q3 2022 a 88.9% growth in the premium property segment of the market has been seen. In comparison, Miami and Tokyo are 2nd and 3rd, showing a growth of 30.8% and 17% respectively. Experts consider that the trend in the luxury real estate market will continue into the following year.

Among the most sought-after areas in Dubai for acquiring apartments are Jumeirah, Downtown Dubai and Palm Jumeirah, showing over 3.3%, 2.5% and 2% price increases. Palm Jumeirah is a desirable location for those wishing to purchase a villa, which can be proven by a 3% growth in the residential prices. Very recently a 5-bedroom mansion with a living area of 10,000 sq. ft named Riva Del Lusso, was sold for AED 130M (USD 35.4M).

However, mainstream properties are considered to show growing numbers in 2023 in which prices could go up by 7%. Areas such as the Palm Jumeirah, Emirates Hills and Jumeirah Bay Island are forecasted to show double-digit growth of around 15%.

Purchasing a residential unit in Dubai is an ideal investment into your future. You can always choose an area corresponding to your budget and needs, and will always be able to rent a property out or resell it, in case you change your plans. Among the recently launched projects, which have already attracted the attention of residents and foreigners, are Sobha One and Sobha Marina by Sobha Realty, as well as The Residence – Burj Khalifa and THE COVE by Emaar Properties.