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Omar Gull
Omar Gull
Real Estate Developer | ex Head of Sales - Emaar | GM - Emaar Middle East | Head of Sales & Marketing - Emaar International | Head International Marketing - Damac | Head Marketing - KPDL | AVP Marketing - JLL
Published Jan 22, 2024
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In the realm of Dubai's real estate market for 2023, a notable shift has occurred, with Indian property investors securing the top position again, surpassing Russian buyers. The statistics disclose that British and Russian buyers now occupy the second and third positions, respectively. This marks a departure from the 2022 scenario, where Russians, British, and Indians held the top three spots.
Dubai has experienced an unprecedented surge in demand, evident in the record-high prices for both villas and apartments in 2022 and 2023. High-net-worth individuals and the increasing population of expatriate workers in the emirate have been the driving forces behind this surge.
Foreign investors, attracted by high capital and rental returns, have infused billions of dirhams into the real estate market. Dubai's real estate sector continues to capture global attention, offering investors attractive returns, security, a luxurious lifestyle, tax efficiency, and a business-friendly environment for the expatriate community. The city's enduring appeal is emphasized by a substantial increase in population, welcoming over 120,000 new residents in 2023.
The year 2023 witnessed a widespread increase in the average sales price of villas in Dubai's key communities, ranging from 15 to 30 percent. A shortage of available inventory led to substantial increases in popular expat communities like Arabian Ranches (up 20 percent), Dubai Hills Estate (up 30 percent), and Jumeirah Village Triangle (up 30 percent). Noteworthy exceptions were observed in Palm Jumeirah, where the average price of frond villas surged by 75 percent
Simultaneously, apartment prices experienced an upward trend, with key communities across Dubai showing an average sales price increase of 8-20 percent. Downtown Dubai (up 15 percent) and Dubai Hills Estate (up 20 percent)
The increasing number of buyers from Egypt, Lebanon, Pakistan, and Turkey signals Dubai's continued role as a global haven for geopolitical and economic stability.
Top 10 Nationalities:
1. Indians
2. British
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3. Russians
4. Egyptians
5. Lebanese
6. Italians
7. Pakistanis
8. Emiratis
9. French
10. Turkish.
In an intriguing revelation, the annual study released by India Sotheby’s International Realty highlighted Dubai as the premier destination for Indian investors venturing into the overseas property market, closely followed by the United States.
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