Dubai’s property market has reached a nine-year high, smashing 2014 records with an average price of AED1,257 per square foot, according to Allsopp & Allsopp’s latest report.
Lewis Allsopp, CEO of the real estate company, predicts that the current 36-month cycle hasn’t peaked yet, making 2023 the most active year since record-keeping began.
In contrast to 2014, the market is now fueled by more end users, ensuring sustainable growth. Allsopp highlights this positive shift in dynamics.
Positive indicators supporting Dubai’s growth trajectory include an 8% increase in new car registrations reported by the Roads & Traffic Authority, a 12% growth in school enrollments in private schools, and a 9.4% rise in telecom users year-on-year.
These factors reflect a robust and stable upward phase in Dubai’s real estate, signaling a remarkable performance in the emirate’s property market.
