According to a recent study, the Dubai real estate market is expected to grow by 4.1% in Q2 2023 and see a rise of 46% in transactions compared to 2022.
Property values have seen significant hikes in regions like Palm Jumeirah and Trade Centre First. According to statistics from prop-tech company Realiste, the market’s expansion is supported by a robust GDP growth rate of 7.6% in 2022 and complimentary amenities and infrastructure.
According to research, some localities, such as Al Yufrah 1, could experience price increases of up to 13.1% in Q2 2023. This results from the region’s advantageous position, cutting-edge facilities, and first-rate amenities. Over the past 12 months, property prices in Dubai have increased by 20–40%, with some regions, such as Trade Centre First and Palm Jumeirah, seeing 59% and 210%, respectively. Due to their opulent homes, beachside locations, and proximity to economic hubs, these communities are very well-liked. Other regions, including JBR, Jumeirah Golf Estate Part 4, and Wadi Al Safa 2 Part 1, are also anticipated to draw significant investor interest, resulting in a 6.8 to 7.1% forecast price increase. The number of transactions in the Dubai real estate market is projected to increase by 46% in 2023 compared to the previous year.
Saudi Arabia’s capital, Riyadh, is experiencing change due to Saudi Vision 2030. The Saudi government will invest $575 billion in developing eight new cities, which will help the local real estate market increase by an average of 30% in 2023. With this strategy, 1.3 million housing units will be built, and foreign investment will be attracted. Due to their advantageous location and contemporary amenities, neighborhoods like Al Naseem and Al Hamra have seen noticeable price increases.
The government has also loosened regulations to permit foreign ownership of all real estate kinds. This action is a calculated attempt to entice foreign investment, which is anticipated to further fuel the real estate market’s expansion. In the last six months, property prices in Riyadh have risen by 9%, with 56% and 52%, respectively, in some neighborhoods, including Al Naseem and Al Hamra. These neighborhoods are especially desirable because of their advantageous locations and accessibility to contemporary amenities.
Realiste has greatly impacted Dubai since expanding to the Middle East and North Africa (Mena) in May 2022. Investors are now better able to navigate the city’s changing real estate market thanks to the company’s AI-powered application. Realiste’s AI technology gave important insights into when it was the best moment to buy or sell properties as geopolitical issues caused a significant inflow of private wealth into Dubai. The company’s monthly income in Dubai is $1 million; by the end of 2023, $30 million in revenue is its aim.
Realiste’s AI uses artificial intelligence to assess and filter massive volumes of data from numerous markets while considering internal and external aspects. It is faster and more accurate than conventional brokers, allowing it to quickly determine the most profitable options. With its ability to identify overpriced and undervalued regions, present current average prices, and provide historical pricing data, this AI-driven platform thrives in the real estate market. It also produces estimates for potential price adjustments in a couple of seconds.
This transparency can draw in additional investors by giving investors the information they need to make wise decisions.