Today, Dubai properties for sale in luxury projects, such as Burj Khalifa and Emaar Beachfront, are as famous worldwide as the city’s premium amenities. A decision to buy a property in Dubai in 2023 is one of the most reliable ways for businessmen and investors to protect and grow their capital, with high-end real estate being particularly lucrative.
In January 2023, impressive data for the previous year was published. According to the latest report by the Dubai Land Department (DLD), the total property sales volume in this city reached AED 265.6 billion (over USD 72.3 billion) over 12 months, a historic high for the megalopolis’s real estate market. Property sales in general increased by approximately 78.3% in monetary terms and by 62% by the number of transactions. Notably, the value of transactions with homes in luxurious locations surged by 97%, while the number of deals rose by 85%.
Monitoring sale price trends for properties in this city is a daunting but exciting task. Property prices in Dubai’s premium segment continue to increase, boosted by a constant flow of mega-wealthy foreigners and other buyers. In some communities, such as Palm Jumeirah, residences have been growing consistently more expensive since this man-made archipelago was created. The property prices there have increased by 54% over the year and by more than 100% since the beginning of the pandemic. The value of homes in another prestigious community, Jumeirah Bay, skyrocketed by 100% in only 12 months.