Dubai prime residential market set for world’s strongest growth in 2023

The prime residential market in Dubai will post strong double-digit price growth and lead global markets in 2023, says a latest report.

The price in prime residential areas, which encompasses the neighbourhoods of Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, are set to experience a 13.5 per cent increase next year — the strongest price growth globally as cities like Paris, New York and Singapore will only be able to achieve single-digit growth, according to Knight Frank’s 2023 Prime Predictions.

The global property consultancy, in its Dubai edition said luxury properties in the emirate will remain in demand and prices are likely to end the year around 50 per cent higher than 2021.