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Demand for real estate in Dubai is at its highest level: in 2023, the local market reached record sales in a decade, analysts at CBRE Group Inc. noticed. In particular, the city recorded 93.6K transactions in October last year, which is more than the same indicator in 2022 by 1.4K
The growing demand for premium housing is also driving the growth of real estate prices. Thus, Dubai ranked second in price growth in The Prime Global Cities Index by London-based real estate consultancy Knight Frank. By Q3 of 2023, property prices had risen by 15.9% compared to the previous year. However, quarterly growth slowed from 11.6 % in Q2r to 0.7 % in Q3.
Annual revenue from short-term rentals increased by 14% in 2023 compared to the same figure in 2022 to AED 159K, according to the report of real estate management company AirDXB, occupancy of complexes in Dubai is also on the rise, with the occupancy rate increasing by 21% to 57% in 2023, said experts from AirDXB.
More than 27K residential units were delivered in Dubai from January to September in 2023, said CBRE analysts. Meydan One, Downtown Dubai and Business Bay accounted for 46.4% of all delivered units in Dubai.
We have analysed the top neighbourhoods in Dubai.
🏠 Top profitable areas for short-term lease in 2023:
🏠 For the long-term lease most profitable areas:
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