The UAE is recording high demand for housing in Dubai in 2023. Real estate in the emirate is still more affordable than in Hong Kong, New York, Singapore, London, Paris, Tokyo and Sydney.
According to the real estate consulting company Knight Frank, in Dubai you can buy 105 sq. m. for $1 million. For the same amount you can buy 17 sq. m. in Monaco, 33 sq. m. in New York, 34 sq. m. in Singapore and London, 44 sq. m. in Sydney and Shanghai, 60 sq. m. in Tokyo, 70 sq. m. in Berlin.
Real estate analysts anticipate that demand will be strong for the next five years. Affordable real estate prices in Dubai are attracting many affluent people, investors and real estate buyers. This makes the market stable and leads to an increase in housing prices.
At the same time, the demand for luxury housing is also increasing. For ten months of 2023 in Dubai was sold about 87 thousand properties worth more than $ 10 million. The amount of all transactions amounted to 224.6 billion AED. For comparison, for the whole year 2022 was made 92 thousand transactions totaling 222.7 billion AED.
