According to the Dubai Residential Market Review for the Fall of 2023 by Knight Frank, the value of residential properties in Dubai continued to rise in the third quarter, marking eleven consecutive quarters of growth. The average residential prices rose by 5% in the third quarter, bringing the cumulative increase since the first quarter of 2020 to 30%.

Although prices are still 7% lower than their peak in 2014, they have significantly increased by 19% on an annual basis. This indicates that Dubai's real estate market continues to demonstrate robust growth momentum.

According to Faisal Durrani, Director of Research for the Middle East and North Africa region, Dubai's real estate market remains highly sought after, with the secondary market continuing to dominate.

Interestingly, in the transactions during the first and third quarters, 51% were from the resale market, indicating a high proportion of end-users and second-hand buyers in the current market cycle. This may reflect investors' confidence in the Dubai real estate market and their optimistic outlook for Dubai's future appreciation potential.

Nick Candy, CEO of Candy Capital, expressed optimism about the Dubai real estate market. He believes that these recent price increases demonstrate people's strong confidence in Dubai's luxury real estate market. Dubai's trajectory of development, world-class lifestyle, and strategic position as a global city consolidate Dubai's status as a magnet for global elites.

Nick Candy believes that compared to other global cities, property prices in Dubai are still relatively affordable, and he expects significant price growth in the high-end market over the next five years and beyond. This optimistic outlook also suggests that the Dubai real estate market is likely to continue its growth trajectory, attracting the attention of more investors.