Unique Properties forecasts 13.5% growth in Dubai’s prime property segment

Dubai’s ultra-prime property segment will see strong growth of nearly 14% in 2023

Dubai’s mainstream residential market expects an average price increase of 7%

Unique Properties, one of Dubai’s leading real estate agencies, is observing continued growth in the UAE’s prime real estate segment. The nearly 11,000 transactions worth AED 30.5 billion that were recorded in November are being spearheaded by the Qatar World Cup (QWC), the holiday season, and a consistent influx of high-net-worth individuals (HNWIs) entering the country.

Dubai registered a 58.5% year-on-year increase in real estate transactions last month with 10,941 sales, compared to 6,905 deals in the same month in 2021. The emirate is attracting 4,000 high-net-worth individuals (HNWIs) this year, the largest number of any country around the globe, to add to the nearly 70,000 millionaires that currently reside in the city. This has proven to fuel growth in the luxury property segment in 2022 and it is projected that the prime market will carry this upward momentum into the next year as well.

The 2022 QWC has seen immense investor interest make its way into the UAE with many attendees of the event transiting through Dubai. The most sought-after areas for sales in November included Downtown Dubai, Palm Jumeirah, and Business Bay among other locations. Various new developments featuring ultra-prime properties will continue to attract HNWIs and foreign investors with 2023 forecasts predicting a 7% average price increase in the emirate’s mainstream residential market in 2023.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ,?said: “The?UAE’s post-pandemic resilience is in full effect in the country’s real estate sector. Prices have remained strong, especially in the luxury market, sometimes at as much as 50% of the asking price. HNWIs are migrating to UAE from all over the world to fuel this growth, making sizable purchases like a notable AED 130 million transaction last month for a property in Palm Jumeirah. We expect this upward trajectory to continue for the foreseeable future with prime estates offering the highest return on capital and Dubai’s continued standing as a global destination for residents and investors alike.”

The strongest price growth globally as cities like Paris, New York and Singapore will only be able to achieve single-digit growth in 2023, whereas Dubai expects a?strong double-digit growth of around 13.5%.?With prime homes transacting for around AED 3000 per square foot, Dubai is one of the more affordable luxury residential markets in the world.?Unique Properties’ extensive market knowledge is steering several transactions across Dubai’s residential off-plan segment; the full-service award-winning agency facilitates resale property, sales and commercial, and rental transactions.