Dubai's luxury property market has shown exceptional performance in the first six months of this year, leading the global surge in property prices. In order to meet the growing demand, Dubai is actively developing more high-end residential projects.
According to the latest data from the Knight Frank Global Prime Residential Price Index, Dubai's luxury property prices surged by an impressive 11.2% in the first half of 2023 compared to the same period last year. This figure stands out among 30 cities covered by the index. Data from the Dubai Land Department shows that the real estate market in Dubai recorded 6,440 transactions in the first six months of this year, with a total value of 177.3 billion dirhams.
Currently, off-plan projects are particularly popular among homebuyers, serving as a highlight of the market.
Madhav Dhar, the Chief Operating Officer of ZāZEN Properties, a real estate developer in Dubai, stated, "These staggering figures reflect Dubai's best half-yearly sales performance in history, surpassing earlier sales forecasts for the year."
Dubai's real estate market continues to attract high net worth investors from around the world. Additionally, Dubai has reportedly emerged as a new retirement destination in the minds of global retirees, thanks to its relaxed residency regulations, year-round sunshine, and abundant cultural and entertainment facilities.
Arash Jalili, the founder and CEO of the real estate agency Unique Properties, mentioned, "Dubai has truly become a preferred destination in both the residential and commercial real estate sectors."
He further added, "The city has been committed to providing a variety of conveniences and affordability to meet the needs of everyone, whether it's expatriates seeking market opportunities or high net worth individuals desiring to enjoy Dubai's luxurious lifestyle." Additionally, the UAE government has implemented a series of measures, such as the Golden Visa program, real estate regulations to protect investor rights, and incentive policies for full business ownership, further driving the development of the real estate industry.
