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.
"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. Russians were Betterhomes' top non-resident buyers in 2022, accounting for 15% of transactions, followed by Britons taking 12%, Indians with 11%, Italians 7% and French 4%. Buyers from Pakistan were sixth, Lebanon seventh, China eighth, the United States and Canada ninth and Kyrgyzstan 10th, Betterhomes said in a report.
Among residents of Dubai, Indians were the top buyers, followed by Britons, Russians, Italians and Canadians. Foreigners make up a majority of the United Arab Emirates population.
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