Real Estate 2023.. Momentum continues
Waleed Al Zarouni
January 02, 2023
The real estate sector in Dubai will enter the year 2023 on an unprecedented great momentum, after recording a record and exceptional performance that is the highest ever, in terms of huge sales during the past year, in addition to strong demand that is expected to continue, and mega projects that will be launched.
There are many signs and evidence that confirm the continuation of this great momentum in the new year, the most important and most prominent of which is the continuation of the economic recovery in the UAE, and this is in agreement with local and international institutions, and the achievement of strong growth in GDP, thanks to the diversity of economic activities, in addition to government measures followed locally and federally, The recovery of oil prices, the increase in trade, tourism, real estate and business sectors of all kinds, while these efforts are expected to continue to achieve fruitful results during the current year.
The year 2022 demonstrated the strength of the real estate sector in Dubai, its flexibility in the face of global economic challenges, and its benefit from the international crises in the markets.
Dubai has established itself as the city of dreams for many people around the world, with the provision of the most modern infrastructure in the world, strict laws that guarantee the rights of all, commercial opportunities and attractive jobs, in addition to residence facilities and granting citizenship, which enhances the population diversity in the country and supports renewed demand. On the real estate of the emirate, in addition to increasing the investments of wealthy people, and high income while providing a distinguished lifestyle that includes the best hotels and restaurants in the world, and the exceptional amenities that it provides.
And at a time when looming on the horizon, the continuation of severe challenges facing the global economy, with the escalation of geopolitical tensions and financial crises for a number of countries, which will have an impact on the slowdown in the growth of the gross domestic product of these countries and the impact of the world as a whole, Dubai has proven since the Corona virus pandemic that it is immune. Against crises, and that it has effective solutions that help to overcome it, and even achieve great gains behind it, thanks to the orientations and movements of the wise administration in the state, which is always at the fate of the event.
It is expected that the luxury real estate and villas sector will continue to lead the scene, with the execution of dozens of huge deals, while the residential apartments and rental sector will have a chance of recovery with the start of handing over many projects, and Dubai will reap the successes of recent years in promoting well as the best environment for living and investing around the world.
All previous indicators confirm that the prospects for the real estate market in Dubai are promising in 2023 based on the data of the past year, and on internal and external indicators. Currently registered, as demand is expected to continue to grow, making the real estate market a fertile ground for investment, with attractive investment opportunities and good returns, amid the suffering of other major markets around the world from economic pressures.
* Real estate expert and lecturer accredited by the Real Estate Regulatory Agency
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