I hope you have had a wonderful winter break and are raring to go in 2023! At Track Capital we are already in the full swing of business, with brand-new investment opportunities and an incredible range of new incentives for investors.
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Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.
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Property Headlines This Week
- Dubai Real Estate To Go From Strength To Strength in 2023 – Zoom Property Insights has released its latest data which suggests that Dubai real estate will continue to strengthen in 2023. The market analysis specialist predicts that both annual rents and property prices will increase as demand continues to grow from overseas investors and individuals of high net wealth. According to the data, property prices in Dubai are anticipated to grow by up to 20%, with the luxury sector still taking the lead with projected growth of 13.5% by the end of 2023. Echoing this, property experts Knight Frank have also forecast another exceptional year for Dubai, predicting that high-end properties in Dubai will have another remarkable year for real estate and landing it among the top 25 foreign destinations. In 2022, the highest price increase for apartments was in the popular community of Palm Jumeirah, which experienced a 5% growth. Meanwhile, the highest price jump for villas was in the prestigious Emirate Hills at 4.6%.
- Dubai Unveils $8.7 Trillion Economic Plan for the Next 10 Years – It is no secret that Dubai is a force to be reckoned with on the global business stage, with its position already cemented as the Middle East’s business and finance epicentre. Now Dubai has taken another giant leap in progress to become the top business destination in the world with the unveiling of its latest incredible economic plan. With a staggering budget of 32 trillion dirhams ($8.7 trillion), Dubai intends to double foreign trade and investment over the next 10 years. With the International Monetary Fund predicting one-third of the world economy to fall into a recession this year, Dubai is driving hard to keep its transformation on track by deepening trade routes and updating policies to attract global firms. With boosts to foreign trade and direct overseas investment, the city aims to make itself the most attractive destination for businesses and entrepreneurs in the world.
- Leading Estate Agent Talks on Dubai’s Master Plan for Growth – According to multi-award-winning real estate agency Unique Properties, Dubai’s maturing market and high demand for both villas and townhouses will drive growth in the city’s flourishing real estate sector in 2023. The leading real estate agents revealed that transactions in the Dubai property market have increased by 61% since 2021, with the overall transaction value hitting over AED 240 billion last year. With attractive new visa options and a high living standard inducing people to stay for longer in the emirate, we are now witnessing an increased demand for new real estate developments, particularly in Dubai’s most popular areas. In 2023, the firm predicts that supply will begin to drop behind demand as buyers are forced to wait for the next batch of off-plan properties to complete.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.