Recent research indicates positive growth prospects for the Dubai real estate sector. It is expected to experience a growth rate of 4.1% in Q2 2023, accompanied by a significant 46% increase in transactions compared to the previous year. This growth is further supported by notable rises in property prices, particularly in areas like Palm Jumeirah and Trade Centre First. The market’s expansion is reinforced by a robust 7.6% GDP growth rate in 2022. Additionally, the availability of positive amenities and infrastructure, as highlighted by data from Realiste, a prop-tech firm, contributes to the overall positive outlook for the real estate market.
Recent research reveals that certain areas in Dubai, such as Al Yufrah 1, are projected to witness price increases of up to 13.1% in Q2 2023. This is attributed to factors like strategic location, modern infrastructure, and high-quality amenities, according to Khaleej Times.
Over the past year, the real estate market in Dubai has witnessed substantial growth in property prices. This growth has ranged from 20% to 40%, with certain areas experiencing even more remarkable increases. For instance, Palm Jumeirah and Trade Centre First has seen property prices surge by 59% and 210% respectively. These areas’ popularity can be attributed to their luxurious properties, beachfront locations, and close proximity to business districts.
Furthermore, investor interest is expected to extend to other areas as well. JBR, Jumeirah Golf Estate Part 4, and Wadi Al Safa 2 Part 1 are anticipated to attract significant attention from investors, resulting in projected price jumps between 6.8% and 7.1%.
Outlook for Dubai and Riyadh Real Estate Markets
Experts anticipate a 46% surge in transactions in the Dubai real estate market compared to the previous year. Meanwhile, the capital of Saudi Arabia, Riyadh, is undergoing a transformative phase driven by the Saudi Vision 2030. The local property market forecasts average growth of 30% in 2023, with support from the Saudi government’s substantial investment of $575B in constructing eight new cities. This initiative aims to develop 1.3 million housing units and attract foreign investment. Districts like Al Naseem and Al Hamra have experienced notable price surges, reflecting their strategic locations and modern amenities.
Additionally, the government’s relaxation of policies that allow foreign ownership of all types of real estate is expected to attract foreign investment and further stimulate growth in the property market.
Over the past six months, property prices in Riyadh have shown a notable increase of 9%. This upward trend is particularly evident in districts such as Al Naseem and Al Hamra. Which have experienced significant surges of 56% and 52% respectively.
Realiste
Realiste, an AI-powered platform, utilizes artificial intelligence to analyze and sift through extensive data from various marketplaces. It considers both external and internal factors, surpassing traditional brokers in terms of speed and accuracy. The platform swiftly identifies the most lucrative opportunities, offering exceptional insights.
Specifically designed for the real estate market, this AI-driven platform excels in detecting overvalued and undervalued areas. It provides current average prices, and historical data, and generates forecasts for future price fluctuations, all within seconds. Its comprehensive capabilities empower investors with the necessary insights to make well-informed decisions.
The transparency provided by Realiste has the potential to attract a larger number of investors. By equipping them with valuable insights, the platform enables investors to navigate the market more effectively and make informed decisions.
