Foreign investors help to drive a property boom in Dubai

The UAE property market and particularly that in Dubai saw record-breaking transaction numbers over 2022, a trend experts are forecasting will continue into 2023.

Over 97,000 property transactions were recorded in Dubai in 2022 worth €67.38bn.

Despite the economic outlook globally, high-net-worth individuals have continued to invest in Dubai in the past 18 months, which boosted the luxury market.

Simon Baker, the Managing Director of real estate group Haus & Haus, told Euronews: “So we've seen huge sales growth last year, sales increase from 2021 to 2022, sales volume increased 76%.”

Real estate experts say a maturing market has driven demand inside the country from apartments to townhouse and villa communities with prices in 2023 expected to exceed pre-pandemic levels.

Cavendish Maxwell aggregates real estate data and market intelligence in the region and say the great performance is due to post-pandemic recovery.

Zhann Jochinke, Director of Market Intelligence & Research, Cavendish Maxwell, said: “The Market bottomed out at the end of November of 2020. Then we had the pandemic hit and the markets had to bounce up and it was driven by resales of villas and townhouses.”

He added that over the last 12 months, off-plan sales once again grew as a proportion of sales as many end users were priced out of the resale market.

Experts say there is a consensus as to why the city is outperforming international markets.

Simon Baker, Haus & Haus Managing Director, said: “We've had a lot more buyers from Europe, from the UK, from France, Switzerland, Germany, these countries. Again, politically, economically, in those places, their taxes are very high, huge inflation problems.”

Zhann Jochinke, Director of Market Intelligence & Research,