Many see rising interest rates as a threat to Dubai real estate. 2022 finds no significant impact in this regard.

After successive highs, there will be a period of stagnation, where growth stops and things start to move downwards. This is something that the Dubai real estate market is far from experiencing.

It is moving up, and only up, over other global real estate destinations. Of course, the Covid-19 pandemic proved to be a roadblock, but even the global pandemic didn't stop the long-term growth of the Dubai real estate market. It eventually got back on track quickly, and the results are there for all to see.

I have the same expectations for Dubai real estate in 2023.

With official sales figures indicating a strong performance in 2022, the Dubai property market is expected to continue the same trend this year. 2023 is expected to be an even better year for the Dubai real estate market as it continues to attract the attention of high net worth individuals and foreign investors.

Talking about high net worth individuals and foreign investors, they are setting their sights on prime areas of Dubai in 2022. According to early estimates, the luxury sector jumped by an unprecedented 50% in terms of prices in 2022.

According to Knight Frank, in 2023, Dubai's prime locations are expected to continue to dominate as the region with the highest price growth in the world for prime locations, leaving behind big countries such as Miami and Paris. It is expected to escalate further over the next five years, with an estimated growth of 22%.

The government has a lot in store for Dubai's growth. This includes not only the construction of new roads to connect far-flung areas, but also several new attractions.

The former will help people living in these areas to have easy access to other parts of the emirate. Better connectivity will benefit the emirate and Emiratis in more ways than one. The latter, on the other hand, will strengthen Dubai's position as a major tourist destination.

Many see rising interest rates as a threat to Dubai's real estate. In 2022, no significant impact in this regard has been identified. I believe we will see the same pattern in 2023.

How I see it, even if prices rise, there will always be a group of buyers willing to take advantage of the opportunity to venture into the Dubai real estate market. It is fair to say that there are many people in the market who are buying. Those who are pricing are looking for other options in Dubai depending on their budget. There are still many communities where affordable housing is still available.

This not only benefits buyers but also the real estate market as it helps affordable areas gain more momentum. It's a win-win situation for everyone!

To sum up, I believe the Dubai real estate market is on track to break more records in 2023. The influx of high net worth individuals and expatriates will continue, thus cementing its position as a leading real estate destination.

Ata Shobeiry is the CEO of Zoom Property. The views expressed are his own and do not reflect the policy of the newspaper.