Igor Alekseev: "Dubai Could Top the List of Countries for Property Price Growth in 2023"

Dubai, United Arab Emirates, May 22, 2023 --(PR.com)-- Dubai continues the year 2023 on a high note, ending the previous year with a string of records not seen since far back in 2009. That said, the luxury real estate segment remains on the sidelines of the global downward trend in activity, resilient to the uncertain economic outlook, geopolitical tensions and rising interest rates - problems that threaten many other markets.

Igor Alekseev predicts that Dubai will be one of the regional centres that will top the global price growth charts in 2023, as it continues to see a steady inflow of high net worth individuals (HNWI). By the end of the year, prices are expected to be around 50% higher than in 2021.

According to Igor Alekseev, a real estate business consultant: "There is definitely a growing influx of high net worth individuals in Dubai, attracted by the flurry of reforms being implemented to make the emirate more attractive to global companies, investors and talent. Major buyers include wealthy Russians, Indian and Israeli nationals, Europeans, Americans, Canadian investors as well as investors from Asian countries, especially mainland China. New records of sales of luxury real estate registered every month, if not every week, and the attraction of Dubai adds its relative 'availability' compared to other world markets."

The latest figures from the Dubai Land Department (DLD) show a significant increase in the number of transactions in the luxury housing market, where the average property value is already almost $7 million.

In light of rising demand, there is of course a particular focus on ensuring a stable supply to avoid price spikes. The authorities are also introducing measures to prevent volatility, including incentives to attract global investment funds to the emirate. Thus, Dubai remains profitable.