DUBAI PROPERTY MARKET AIMING TO HIT RECORDS IN 2023

Dubai luxury property market, Dubai’s prime residential prices are set to see the strongest growth globally in 2023, according to global property consultancy KnightFrank’s 2023 report. The prices are set to rise 13.5% this year as more and more foreign buyers and high-net-worth individuals are showing keen interest in the market.

Dubai and neighbouring areas such as The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, are high on customers’ lists. Miami is second on the list with a forecast annual percentage change of 5%, followed by Dublin, Los Angeles and Lisbon.?

“Prime values are being fuelled by Dubai’s safe-haven status, an exceptionally diverse range of international ultra-high-net-worth individuals in search of (their) second luxury homes, combined of course with the government’s world-leading response to the pandemic, which has spurred business confidence,” said Faisal Durrani, Head of Research at Knight Frank’s Middle East operations.??