Dubai Real Estate 2023.. Trends and Directives (1-3)
Ismail Al Hammadi
January 03, 2023
The beginning of a new real estate year, which is expected to bring many surprises, in which investors are anticipating the upward curve of prices, and the pace of projects that the real estate scene will feature, after a year full of activity..a year that is considered the best year ever in the history of real estate activity in Dubai.
The sector is supposed to continue its momentum during the new year, and to maintain its achievements for the years 2021 and 2022, as the market witnessed an escalating activity, and this is what the sector must maintain during the year 2023 (rising activity), based on expectations and trends.
Although the market trends for the year 2023 are clear, based on the assumptions and reality of the sector during 2022, the situation requires efforts to stabilize these trends in the right direction, in a way that serves the upward trend of market growth.. So what are the trends, and what kind of efforts do you need?
According to the indicators, the real estate market is heading in 2023 towards the entry of new investors into the market, and the increasing demand for luxury real estate, with the record of continuing to increase purchase prices and rents, especially in terms of villa units.
It is also moving towards offering more new projects.
In light of these trends, there are some points that must be paid attention to in order to achieve a successful real estate year like the previous one.
The first is the interest rates on real estate loans, which are witnessing continuous increases so far to counter the global wave of inflation, and this will affect the financial solvency of investors and buyers. Here, developers and the concerned authorities in the sector must provide incentives and facilities that help maintain the pace of growth and attract customers.
On the other hand, it is necessary to focus on the areas of attraction, work on offering quality projects that are appropriate to the nature of demand, and find new investment areas that mimic the areas that were the main destination for investors, especially in the field of luxury real estate.
We saw a lot of projects offered in the luxury real estate market with luxurious and unique designs, but some of them did not receive sufficient demand from buyers, and the reason is not the price or quality, but rather the area in which it was offered, and the approved area of the real estate unit, so at this point in particular the developers must study the site Well, and study the market need well before launching any project.
The process of offering new projects today in the Dubai real estate market is no longer dependent on the traditional idea adopted previously (introducing a project and presenting it in the market only). The demand and the need presented in the market, so there is no need to launch and implement it.
Among the points that must be focused on during the current year to support the real estate sector is the redistribution of investment areas on the Dubai map, the creation of new areas that simulate sites that have met success in the market before, and the reproduction of previous successful experiences (continued)..
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Ismail.alhammadi@alruwad.ae
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