What Is The Expected Contribution Of The Real Estate Market To Dubai’s Economy In 2023?

The real estate market in Dubai has been on a consistent growth trajectory, and it is expected to contribute significantly to the emirate’s economy in the coming years. According to a recent report by the global real estate consultancy, Knight Frank, the real estate market in Dubai is predicted to grow by 5% on average annually over the next five years.

This growth is attributed to various factors, including the rising population in Dubai, the emirate’s safe haven status, and the strong demand from investors both locally and globally. Additionally, the global recovery from the COVID-19 pandemic and the Expo 2020 Dubai is also expected to boost the real estate market, resulting in an overall positive outlook for the industry.

The report further predicts that the total transaction value of the real estate market in Dubai could reach AED 330 billion by 2023, from AED 220 billion in 2020.

This significant jump in transaction value is expected to fuel the growth of the industry and contribute positively to the economy of Dubai.

Furthermore, the UAE’s strategic location in the Middle East and its access to key markets around the world make it an attractive destination for real estate investment. With the government’s efforts to create a favourable business environment and stimulate economic growth, the real estate market is poised to play a vital role in Dubai’s economy in the coming years.

In terms of property prices, the report predicts a steady rise in the market, particularly in the prime residential sector, which is expected to grow by 2% annually over the next five years. The demand for high-end properties is driven by the emirate’s growing reputation as a global hub for business, tourism, and luxury living.

Moreover, the report highlights that Dubai’s real estate market has become an attractive destination for international investors, who see it as a safe haven for their investments. The emirate’s robust legal framework, transparent property regulations, and stable political environment are some of the factors that make it a favourable destination for global investors.

Overall, the real estate market in Dubai is poised for continued growth and is expected to contribute significantly to the emirate’s economy in the coming years. With the Expo 2020 Dubai and the government’s efforts to stimulate economic growth, the outlook for the industry remains positive, making it an ideal time for investors to explore the real estate market opportunities in Dubai.

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