Market analysts revealed the extent to which housing prices in Dubai have risen over the year. Spoiler: the increase is significant.

To buy real estate in Dubai at the moment is possible on average for $ 2,910 per sq.m. In a single October prices in the emirate soared by 1.8% — for the whole year 2022, prices for apartments rose by 8.5%, and for villas — by 13%.

What about luxury real estate? This sector, too, is breaking records — from the third quarter of 2021 to the third quarter of 2022, there is 88.9% more luxury real estate in Dubai. And this is the highest figure in the world. By comparison, Miami (2nd place) saw a 30.8% increase in luxury housing, and Tokyo (3rd place) saw a 17% increase.

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In which areas did prices rise the most? Jumeirah, Downtown Dubai and Palm Jumeirah (prices rose about 3.3%, 2.5% and 2% respectively).

What to expect next? Experts predict a continuation of price growth in 2023. The average price increase in the emirate’s key housing market could reach up to 7%.

«The areas famous for luxury properties, as well as affordable properties, are performing exceptionally well, paving the way for a strong end to the year 2022 and an equally strong start to 2023,» — said Ata Shobeiry, CEO of Zoom Property.