Dubai real estate set for 46% growth in 2023, data shows.

According to data from Realiste, property prices in Dubai grew by 20 to 40 per cent over the last 12 months

Dubai’s booming real estate sector is set for further growth next year, with a projected growth of 46 per cent, recent research showed.

According to data from Realist, property prices in Dubai grew by 20-40 per cent over the last 12 months. Some areas saw even a bigger upturn. To illustrate, Palm Jumeirah grew by 59 per cent, and Trade Centre First by 210 per cent.

This year, Dubai became one of the few beneficiaries of massive geopolitical crises across the globe. It saw the biggest inflow of private wealth this year as Russian entrepreneurs, investors, and top level professionals were seeking new homes. According to the analytics agency Dsight, more than 16 per cent of Russian companies and entrepreneurs relocated to the UAE and Dubai, in particular, in the first half of the year.

Apart from the global crisis, the local real estate market profited from Qatar’s Fifa 2022 World Cup. Dubai became the main beneficiary outside of Qatar due to its status as a tourist attraction and finance hub of the region.