Dubai Real Estate Hits 9-Year High Records

Robust Performance and Sustained Growth in Dubai’s Property Market.

The real estate status in Dubai has soared higher than it has in nine years, reaching a peak. The price for each square foot of property has shot up to AED1,257, beating the record set back in 2014. This shows just how strong and active Dubai’s property market has become.

The surge shows a steady rise in the market, making 2023 the busiest and most successful year ever for real estate in Dubai. Unlike before, this time it’s regular buyers driving this growth, not just investors looking to make quick money. That means the growth is more stable and lasting.

There’s been an 8 percent increase in new car registrations, a 12 percent rise in kids going to private schools, and a 9.4 percent increase in people using telecom services in Dubai.

Looking ahead, Dubai’s future growth, especially with the 2040 Urban Master Plan. The city’s population has already crossed 3.6 million and is growing by 3 percent every year. The plan aims for 5.8 million people in Dubai by 2040, which means the demand for luxury property in Dubai will stay high.

But, there needs to be more properties available. Even though developers are working hard, there’ll still be fewer than 50,000 new properties offering investment opportunities in Dubai and are ready by the end of 2023. That’s way less than the number needed for the growing population. If nothing unexpected happens in 2024, Dubai’s property market will not just do well but might even set new records after its recent peak.

Overall, Dubai’s real estate market looks very positive with its growth and good signs, creating a bright future for property in the city.