06/04/2023
Real estate experts predict that new home sales records will be broken in 2023 due to the rapidly growing demand for real estate in Dubai. The question arises as to which type of real estate will be most in demand in the coming year.
Small residential properties in central and coastal areas are highly sought after by tenants. Investors can benefit from buying apartments in development projects in the new residential complexes in areas such as Jumeirah, Downtown Dubai, Business Bay, and neighboring areas. The recent international exhibition Cityscape Global 2022 saw UAE developers propose investing in family-oriented residential buildings due to the large influx of Russian families to the UAE.
Thus, villas and townhouses are expected to become more in demand amongst investors in the near future, as families typically prefer social infrastructure and amenities such as polyclinics, kindergartens, parks, and good schools nearby. The luxury property market is also thriving, with branded projects becoming increasingly expensive and well-rented out, making them a prime investment for many buyers.
When comparing current real estate prices to 2014, the cost of apartments has fallen by 20% over the past 8 years, whereas the price of villas has only decreased by 6%, indicating that investments in flats in 2023 may be more dependable than those in villas in the long term. Additionally, investors are encouraged to look beyond Dubai's leading residential property sales and consider properties in other emirates, as foreign interest in the UAE continues to grow.
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