Dubai property price rises may slow further in 2023, real-estate consultancy says | Reuters
Residential property prices in Dubai are expected to rise at a slower pace in 2023 after a record year that saw a more than 60% increase in total units sold, according to one of the city's biggest real estate consultancies.
Prices are seen rising by about 5% this year, after climbing 11% in 2022, which itself was a slowdown from a 21% increase in 2021, Richard Waind, group managing director of Betterhomes, told Reuters.
"(Higher) interest rates haven't removed the underlying demand. But they are certainly having an impact on people's willingness and ability to pay more for properties," Waind said, though he said the market has taken rising rates and a strong dollar "in their stride so far".
"We're obviously less exposed to interest rates here through the prevalence of cash purchases. So, in the UK, U.S., cash purchases are somewhere between 20 and 40% of all transactions. Over here, it's roughly 70%," he added.
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