DUBAI PROPERTY MARKET HITS 9-YEAR HIGH
In a ground breaking development, the average property prices in Dubai have reached a remarkable nine-year peak, surpassing the previous record set in 2014 for price per sqf. Recent insights from Data Hub for November 2023 reveal a significant milestone in the Property Monitor’s Dynamic Price Index (DPI), with an impressive average sales price of AED1, 257 per sqf. The substantial? surge not only exceeds but shatters the previous 2014 record, highlighting the robust and resilient performance of the emirate's property market. According to Lewis Allsopp, CEO of the renowned real estate company Allsopp & Allsopp, Dubai's current property market cycle, spanning 36 months, continues to rise, with 2023 shaping up to be the most active and successful year in Dubai’s real estate history. Allsopp emphasized a shift in market dynamics compared to the 2014 peak. Unlike the investor-driven surge in 2014, the current market is characterised by more end users, ensuring more sustainable growth. Positive indicators supporting Dubai’s growth include an 8% year-on-year increase in Salik registrations for new cars reported by the Roads & Traffic Authority, a 12% year-on-year growth in enrolment in private schools, and a 9.4% year-on-year increase in telecoms users in Dubai.
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