In 2023, real estate prices are expected to increase by around 5%.
Reuters conducted a survey of real estate market analysts for expected price changes next year.
The price increase should be double that predicted three months ago. The main drivers of growth should be the demand from foreigners and the greater accessibility of real estate to buyers in general.
The vaccination process is going well. The UAE uses several types of vaccine, including Pfizer and Sputnik V. With a population of 9.89 million people, more than 21 million doses of vaccine were sold.
Thanks to such successes, the Dubai government continues to relax quarantine restrictions. Omicron is a danger to international communication. However, according to the latest data, vaccines help combat a new variation of COVID-19.
Based on a survey of 11 market analysts, Reuters shares the figures: in 2022, the median price of real estate in Dubai will increase by 5%, and prices should increase by another 5% in 2023.
Seven analysts out of eleven reported that the main engine of growth would be increased interest from foreign buyers and investors. The remaining four analysts focused on local demand.
The chronic oversupply of real estate, which has been preserved in Dubai for years, turned out to be unexpectedly profitable in 2021, as it allowed many new buyers and investors to purchase affordable high-quality real estate.
Six out of eleven analysts expect improved accessibility to a property for consumers.
