Dubai property market remains resilient as new year approaches

Inayat-ur-Rahman, Business Editor

Dubai real estate market will continue its upward trajectory in 2023 as the property prices and the annual rent are expected to increase further amid rising demand and interest from high net worth individuals (HNWIs) and foreign investors, according to the Zoom Property Insights.

The latest data from Zoom Property Insights forecasts that Dubai property prices are expected to increase up to 20 per cent increase on average and the luxury segment will continue to dominate with 13.5 per cent year-on-year growth in 2023.

Ata Shobeiry, CEO of Zoom Property, echoes the sentiment that the property market will continue its upward momentum on the back of strong demand from end-users and foreign and local investors.

“The Dubai property market has cemented its position as a leading real estate destination, with 2022 proving to be a remarkable year (so far) for the sector. It is expected to end on a strong note, paving the way for an even stronger 2023,” he said.

“I believe popular communities, such as Palm Jumeirah, Downtown Dubai, Dubai Marina, JBR, etc., will continue attracting buyers and investors in the next year as well,” Shobeiry said.

Referring to a recent report by Knight Frank, the Zoom Property Insights said the high-end properties in Dubai will have another remarkable year, with an anticipated 13.5 per cent increase in prices next year. This is the highest increase among the top 25 foreign destinations.

Miami ranks 2nd with an expected 5 per cent increase in prices while Los Angeles, Paris, and New York are other prominent names on the list.

Data obtained from the Zoom Property Insights indicates that Palm Jumeirah witnessed the highest price increase of 5 per cent in the apartment sector in recent times. It was followed by MBR City, Meydan City, and Living Legends. All these communities recorded a 4.7 per cent increase in the average property prices.

For villas, the highest growth of 4.6 per cent was recorded in Emirates Hills. Mudon (4.1 per cent), Jumeriah Village Circle (3.9 per cent), and MBR City (3.1 per cent) remained other prominent areas.

For rental apartments, The Old Town, Dubailand Residence Complex, Green Community (DIP), and Downtown Dubai showed the most promising figures of 4.9 per cent, 4.6 per cent, 4.5 per cent, and 4.4 per cent, respectively.

The Sustainable City (4.9 per cent), DAMAC Hills (Akoya) (4.8 per cent), The Villa (4.8 per cent), and Reem (4.7 per cent) remained the popular choices for renting villas.

Besides the aforementioned areas Jumeriah, JBR, Arabian Ranches, and Dubai Marina are expected to drive the property market in 2023.

“Dubai’s position as a leading tourist destination, reformed policies by the government, relaxation in visa rules, and an expat-friendly environment; it’s a combination of all these factors that have helped to make Dubai property market a roaring success. I believe they will continue to contribute to the sector’s success in 2023 as well,” Shobeiry concluded.

Zoom Property is an emerging property portal in the UAE with a primary focus on Dubai, Abu Dhabi and Sharjah markets. The portal also features international properties in KSA, the UK and other regions on the platform to facilitate buyers and renters. It is also popular among developers, real estate brokerages and property sellers.

Meanwhile, as another successful year comes to a close, Yas Island Abu Dhabi, one of the world’s leading leisure and entertainment destinations, rounds off its action-packed 2022 with over 80 awards and accolades.

The destination and its plethora of world-class theme parks, luxury hotels, innovative experiences, resorts and acclaimed eateries, alongside unmatched customer services, has been recognised across a series of global and local awards platforms.

Mohamed Khalifa Al Mubarak, Chairman of Miral, said, “We are proud with this achievement, witnessing yet another year of incredible work from our teams, all of whom have worked tirelessly to elevate Yas Island’s offering and reputation. The more than 80 local and global accolades received, is testament to Yas Island’s position as a top global destination for leisure and entertainment. Home to award-winning attractions and experiences, the Island is integral to the overall growth of Abu Dhabi’s tourism industry.”

Yas Island and its world-class theme parks, experiences and attractions were recognised with seven awards in the globally renowned World Travel Awards in 2022. In addition to scooping the accolade of ‘World’s Leading Theme Park Destination 2022’, Yas Island received the flagship ‘Middle East’s Leading Tourism Development’ award for the fourth consecutive year, testament to the global reputation Yas Island as the leisure and entertainment hub.

Ferrari World Abu Dhabi was yet again named the ‘World’s Leading Theme Park 2022’ and ‘Middle East’s Leading Theme Park 2022’, while the Emirati-themed waterpark Yas Waterworld, was recognised as ‘Middle East’s Leading Water Park 2022’ and Warner Bros. World Abu Dhabi, was named as ‘Middle East’s Leading Tourist Attraction 2022’.