UAE estate prices surged 10.4% y-o-y in 2023

Homebuyers in the UAE are up against the highest y-o-y jump in real estate prices globally in 2023, with house prices climbing nearly 10.4% last year, according to International Monetary Fund (IMF) data. Dubai’s per-sq-ft prices reached a high of AED 1,271 in November 2023, beating the previous peak in September 2014 by 3%, according to Cavendish Maxwell Group Company’s 2023 Monthly Market Report.

Property prices in the UAE have inflated since pre-pandemic levels, growing over 14.1%, according to the data. The UAE ranks sixth globally in estate price increases since pre-pandemic levels, trailing behind Portugal, the US, Japan, and the Netherlands.

Background: Price surges come down to a high influx of foreign workers and an increased demand from high net-worth individuals, says Sergei Rakov, head of technology at Allsopp & Allsopp. Half of Dubai’s property market consists of overseas buyers, with Russian oligarchs making up nearly 15% of the market, reports The Telegraph.