Recently, over Dh1.5 billion (PKR 92.2 Billion) has been recorded against land department in real estate transactions.
The record sets the bar high in the starting of new year, carrying on from the sales performance over the last year.
According to the data issued by DLD, in a span of December 2021 to December 2022, property prices in Dubai raised by 20 to 40%.
The boom was because of a combination of factors, from a very high influx of millionaires and billionaires, to the country being a pit stop for the FIFA World Cup Qatar 2022.
Property prices in posh location of Palm Jumeirah increased by 59%. Proptech firm Realiste compiled the data over the last year and forecasted that the industry would raise by 46% in 2023.
“Dubai will remain attractive to foreign buyers who are seeking to shield their assets. It will strengthen its position as the geopolitical instability and energy crisis grow. As a result, there will be a further boost in demand for local property and the market in 2023,” Alex Galtsev, CEO of Realiste, stated.
