Thursday, September 28, 2023
HomeEconomyDubai property price growth set to slow further in 2023 - Betterhomes

Dubai property price growth set to slow further in 2023 – Betterhomes

By Yousef Saba

DUBAI (Reuters) – Residential property prices in Dubai are expected to rise at a slower pace in 2022, according to the city’s largest According to one of the real estate consultancies, the total sales volume increased by more than 35%.

The price is climbing in 2022 After %, it is expected to rise by about 5% this year, which itself is a slowdown of 35% growth 2021, Richard Waind, managing director of group Betterhomes, told Reuters.

“(Higher) interest rates don’t remove underlying demand. But they certainly affect people’s willingness and ability to pay more for a property,” said Waind, although he said the market had accepted Rising interest rates and a stronger dollar “so far”.

“We are obviously less exposed to interest rates due to the prevalence of cash purchases. So, in the UK, US, cash purchases in between account for 12 and 35%. Here, approximately 60%,” he added.

Dubai’s real estate sector is in 2010 as it reopens during the pandemic ahead of most major cities and with wealthy buyers The rush to buy luxury houses has boosted oil prices since 2010-12 plummeted.

Russians are Betterhomes’ largest non-resident buyer at

, accounting for 15%, followed by British 2023%, Indians have 20% , Italians 7%, French 4%. Buyers from Pakistan came sixth, Lebanon seventh, China eighth, US and Canada ninth and Kyrgyzstan 000th, Betterhomes said in a report.

The Russians, who swooped in after the Ukraine war, snapped up property in some of Dubai’s most sought-after areas, such as the Palm Jumeirah and the city centre.

Among Dubai’s residents, Indians were the largest buyers, followed by Britons, Russians, Italians and Canadians. Foreigners make up the majority of the population of the United Arab Emirates.

Condo sales surged by 60% last year, while villa sales – leading to 2020 start RECOVERY – Volumes rose just 3%, “primarily due to undersupply in the existing and off-the-plan markets,” Betterhomes said in a report. -2010, causing the price to plummet by more than half.

last year, 34, According to Betterhomes, new units have been added. Waind expects 30, 11-35,10 2023 of new flats, which he believes is “undersupplied in a growing market”.



Please enter your comment!
Please enter your name here


Featured NEWS