Dubai’s prime residential market is expected to see “world’s strongest growth” by 2 percent on an average in 2023, real estate agency Unique Properties said, as high-end properties in the emirate continue to see a strong demand.

“Prices are likely to end the year around 50 percent higher than in 2021,” the real estate agency said adding that prime real estate prices in Dubai rose by 89 percent from October 2021 to October 2022.

Prices will continue to rise in the city for the foreseeable future but increases will slow to 4.5 percent and 3.0 percent, respectively in 2023 and 2024, Unique Properties said adding that the market will remain stable and offer investors a good inflation hedge with recent data citing European and Russian buyers, respectively, representing the largest group of investors in Dubai.