- Prime prices forecast to increase by 5% in 2024
Dubai, – 6th November 2023 – Residential property values in Dubai have continued their upward trajectory, marking the 11th consecutive quarter of price increases according to Knight Frank’s Autumn 2023 Dubai Residential Market Review.
During the third quarter of 2023, average residential property prices rose by 5%, bringing the cumulative increase to 30% since Q1 2020, although prices remain 7% below the peak of 2014. On an annual basis, prices showed a significant rise of 19%.
Faisal Durrani, Partner – Head of Research, MENA, commented: “As we approach the fourth year of sustained price increases in this third market cycle, Dubai’s prime markets remain highly sought after and are responsible for 4.8% of transactions by total value that have taken place in the first nine months of 2023.
And the ready homes market continues to dominate. Indeed, 51% of transactions between Q1 and Q3 were secondary market sales, reflecting the high proportion of end-users and second-home buyers in the current market cycle”.
Echoing on this sentiment, Nick Candy, CEO of Candy Capital says: “These latest price growth highlights the unwavering confidence in Dubai’s luxury real estate market. The city’s remarkable trajectory, world-class lifestyle, and strategic position as a global city have solidified Dubai’s status as a magnet for the world’s elite. Currently, Dubai real estate remains very cheap compared to other global cities, and I believe that at the top end of the market, there will be substantial price growth over the next five years and beyond.”
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