In 2023, the average price of residential property in Dubai reached AED 1,406 per square meter. It broke the record set in 2014 at the level of AED 1,054 per square meter. Such data is cited by Dxbinteract. The price growth over nine years amounted to 33.3%.
The real estate market, despite the rapid development, is experiencing a shortage in the supply of residential properties. It is known that about 50,000 new real estate units will be commissioned by the end of 2023. At the same time, the net population growth for the current year in Dubai is much higher than this figure. Some of the new residents are still undecided and are waiting for a more favorable offer than there is in the market.
According to expert forecasts in 2024, real estate prices in all segments of the market will increase due to increased demand.
