Nearly two-thirds of Dubai homeowners (64%) plan to sell their units to take advantage of market conditions, with more than half saying they will do so within the next 12 months.

Property consultancy Savills said high-end residential prices in Dubai would jump by 6 per cent to 7.9 per cent in 2023, the highest increase in the world, although it said growth would be "quite modest" compared to 2022.

The majority of people who took part in the YouGov survey, commissioned by Metropolitan Homes, said they would buy another property in the emirate if successful in selling at a good premium.

Of those aged 45 and over, 22% said they planned to retire and live in the emirate permanently.

Alina Adamco, head of sales at Metropolitan Homes, said." Buyers looking to invest in Dubai's secondary market this year will benefit from the projected increase in the number of existing property owners planning to sell their units.

"This in turn could help sustain the long-term growth of Dubai's real estate sector, which is supported by favourable market conditions, strong UAE economic fundamentals, the city's reputation and attractiveness as a safe and secure investment destination, and recent legislative reforms."

Of those surveyed, 81% owned one or two properties, 89% had purchased a property in the last five years, 65% lived in the property they owned and 61% said they were looking to sell their property to upgrade to another.