Dubai’s property market is expected to lead the global price charts in 2023 as it continues to attract high-net-worth individuals (HNWIs), but rising interest rates and sustained headwinds are likely to soften the demand.
Across the emirate, prices of high-end homes will jump by 6% to 7.9% this year, the highest in the world, according to real estate consultancy Savills. However, Dubai’s capital value growth, which will be similar to Singapore’s, is lower than the 12.4% increase recorded last year.
The pace of growth in Dubai, as well as Singapore, will outrank those in Miami and Milan, where prices are likely to increase by around 4% to 5.9%, as well as Cape Town and Rome, which are both expected to record a 2% to 3.9% increase this year.
“Both cities (Dubai and Singapore) will continue to see sustained inflows of high-net-worth individuals; however, they are not immune to higher interest rates and wider economic headwinds,” Savills said in its report.
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