In Light of Global Financial Market Conditions, How is the Dubai Real Estate Market Expected to Perform in Late 2022 and 2023?

In Q2 of 2022:

• Dubai's?residential apartments?have recorded AED29 billion worth of sales transactions which is a 50% increase as compared to Q2 of 2021.
• Dubai's?residential villas?have recorded AED17.8 billion worth of sales transactions which is a 33% increase as compared to Q2 of 2021.
• Dubai's?commercial offices?have recorded AED1.3 billion in sales transactions, which is an 8.5% increase compared to Q2 of 2021.
• Dubai's?offplan land?sales have recorded AED11 Billion worth of sales transactions which is a 57.5% increase as compared to Q2 of 2021.
• Reference?www.DXBinteract.com?

Considering global, regional and local spectrums, the Dubai real estate market will likely continue to thrive in late 2022 and 2023, irrespective of sluggish markets in the US and the EU.

Global:

• Unstable EU
• Weakened Real Estate in the US.

Regional & Federal:

• Strong GCC market with Oil prices on the rise.
• Strong government spend: In June 2022, the UAE federal government announced its aim to increase the federal budget by 1.23 Billion dirhams 335m $. While the federal budget accounts for part of the state budget for Dubai and Abu Dhabi, as they each have their own state budget, it is still a solid indication of the strong economy.

Dubai Micro level:

• Strong influx of ultra-wealthy investors to live and invest
• Strong purchase power of non-mortgage buyers
• Transparent real estate market data (DXBinteract.com)
• Uninflated prices of real estate. In fact, very competitive prices at the levels of 2014 for the majority of the residential apartment market.
• Competitive taxation environment?
• World-class infrastructure
• Attractive rental returns
• Business opportunities.