Dubai Property Market Outlook for 2023

Introduction

Dubai ranks at number 13 on Lonely Planet’s World’s Best Biggest Attractions list for 2022. From all areas of this report, Dubai takes first place. Other noteworthy locations include Venice Beach second Burj Khalifa third and the Louvre Museum (fifth). Overall, over 50 million people have visited.

According to data from Abu Dhabi Invested, Dubai received $33 billion worth of construction investments between January 2021 and September 2020, making it one of the most sought-after centers in the world. Apart from investing in retail businesses like shopping malls, offices, and hotels, property developers are now focusing on diversifying and expanding their portfolios. This is likely to continue in the foreseeable future as well. There is also Dubai property market outlook.

 

Dubai Property Market Overview

Dubai is a popular tourist destination with plenty to offer both investors and locals looking for a suitable location. There is  Dubai real estate market forecast for 2022. It boasts various attractions across all the key areas in Dubai ranging from historic sites to entertainment venues and resorts. With ample infrastructure facilities, you can expect to see increased rental prices in relation to other cities across the United Arab Emirates. Moreover, Dubai does not require foreigners to get residency here instead, so residents often command higher bargaining power than those living elsewhere in the country. Although no regulatory hurdles exist for foreign investors in the UAE, they must obtain licenses from local authorities before setting foot in this vibrant trading hub.

Dubai Property Market Statistics

Over the last few years, Dubai has shown exceptional progress with regard to boosting economic development in terms of job creation, improved infrastructure, and rapid tourism. Dubai real estate market forecast 2023. Its per capita income is estimated at over $8,000, while the Gross Domestic Product (GDP) per capita was around $38,000 in 2018. Given these statistics, we can conclude that there is great potential for wealth generation in Dubai when compared to other parts of the Middle East.

 

Dubai Hospitality Sector Stats

Dubai has consistently remained one of the global leaders in tourism and travel-related industries. Many tourists who visit do so because they want to take advantage of its excellent natural sceneries and breathtaking scenery. At the same time, the city is quickly developing into a leading business and financial center. Due to its central position, Dubai plays a vital role in maintaining stability in the Middle East and across the globe and consequently, many tourists prefer to choose this country over others. Despite this, a significant chunk of consumers would rather stay closer to European countries.  It is also very useful for UAE the real estate market forecast for 2023.

Dubai Hotel Industry Statistics

Dubai’s hotel industry has grown significantly over the last couple of decades. Several large events have taken place in Dubai since 2012 for example the signing of agreements between two multinational brands Marriott International and InterContinental Hotels Group. By 2019, Dubai welcomed nearly 3.6 million tourists from North America and Europe. Similarly, the overall number of rooms available fell to 4,800, down 2% from year-ago levels, according to information provided by the Travel Association of Dubai. Although it did rise marginally from 10.2 in 2018 to 11,900 in 2019, the figure represents only 15% of occupancy levels as indicated by figures from the Dubai Department of Tourism and Commerce Marketing.

 

Dubai Airport Statistics

The Dubai Government recently signed a deal with American Airlines Holdings Inc (AAPL) to purchase up to 42 hectares of land and make sure that the airport remains operational in 2030. This agreement has allowed APL to enter into long-term negotiations with Boeing to build four Fokker aircraft for use at Dubai International Airport, subject to conditions. Thus, it means that the airline giant remains very much present in Dubai for a very long time. Another important aspect of Dubai’s economy lies within the cargo segment. Dubai property market forecast is very high.

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