In light of Global Financial Market Conditions, how is the Dubai Real Estate Market expected to perform in late 2022 and 2023?

In Q2 of 2022:

• Dubai’s residential apartments have recorded AED29 billion worth of sales transactions which is a 50% increase as compared to Q2 of 2021.
• Dubai’s residential villas have recorded AED17.8 billion worth of sales transactions which is a 33% increase as compared to Q2 of 2021.
• Dubai’s commercial offices have recorded AED1.3 billion worth of sales transactions which is an 8.5% increase as compared to Q2 of 2021.
• Dubai offplan land sales have recorded AED11 Billion worth of sales transactions which is a 57.5% increase as compared to Q2 of 2021.
• Reference www.DXBinteract.com 

Considering global, regional and local spectrums, the Dubai real estate market is likely to continue to thrive in late 2022 and 2023; irrespective of sluggish markets in the US and the EU.

Global:

• Unstable EU
• Weakened Real Estate in the US.

Regional & Federal:

• Strong GCC market with Oil prices on the rise.
• Strong government spend: In June 2022, the UAE federal government announced their aim to increase the federal budget by 1.23 Billion dirhams 335m $. While the federal budget accounts for part of the state budget for Dubai and Abu Dhabi, as they each has their own state budget, it is still a solid indication for the strong economy.

Dubai Micro level:

• Strong influx of ultra-wealthy investors to live and invest
• Strong purchase-power of non-mortgage buyers
• Transparent real estate market data (DXBinteract.com)
• Uninflated prices of real estate. In fact, very competitive prices at the levels of 2014 for the majority of the residential apartment market
• Competitive taxation environment  
• World class infrastructure
• Attractive rental returns
• Business opportunities