Significantly, Dubai’s AI-based proptech Realiste hit the bull’s eye with its prediction of 46% growth in the city’s residential property market at the turn of this year.
esidential property investment deals in Dubai posted an impressive 17 percent spike in the first 269 days of 2023 to hit 45,169 deals from 38,731 investment deals during the same year-ago period, a new market study showed.
In value terms, the jump in investments was even higher at 25 percent in the first 269 days of this year.
The off-plan housing market in the city, however, saw double the rise in the investment deals compared to the overall residential property market at 33 percent in the first 9-month period of 2023 to hit 26,660 deals from 20,035 investment deals during January-September of 2022, the study by Realiste, the Dubai-based AI-driven proptech revealed.
This segment also posted a far higher spike of 43 percent in value terms in the first nine months of this year over the same year-ago period.
Significantly, Realiste hit the bull’s eye with its prediction of 46 percent growth in Dubai’s residential property market at the turn of this year, based on its AI-based analysis.
Arabian Business reported on December 30, 2022 Reasliste’s predictions for Dubai residential realty sector in 2023.
“As we look to the future, we predict that the market will continue to expand and prosper thanks to innovation, diversification of opportunities, and a dedication to excellence,” Alex Galtsev, founder and CEO of Realsite, told Arabian Business.
“Dubai continues to be a beacon of opportunity for investors thanks to its advantageous location, robust infrastructural development, and forward-thinking mindset,” he added.
Galtsev also pointed out that over the years the Dubai real estate market has proven to be remarkably resilient and robust.
Realiste’s proprietary AI-based market projections factor in market trends, supply and demand dynamics, and over 200 other parameters to analyze the market and project its growth.
The proptech firm claimed that its forecasts are 96 percent accurate.
Dubai property prices soaring in 2023
According to the AI-based projections by the latest Realiste study, select pockets in Dubai are expected to see tremendous growth in price in the last quarter of 2023.
“Areas like Sobha Hartland and Bluewaters Island are projected to [see the prices] increase by 17.6 percent and 17.3 percent, respectively,” it said.
The study attributed the continued bull run in the city’s housing property sector to the rising trend of investors and HNWIs (high net worth individuals) from all over the world flocking to Dubai in hopes of riding the wave and turning a considerable profit.
“Dubai’s real estate market has been on a steady rise for the last few years, and it seems like the rise won’t stop for a while,” Realiste said.
The trend signifies the consistent growth of the market and also the increasing desire of overseas investors to own a part of it, the study said.
Realiste said the real estate sector in Dubai was already quite impressive in 2022, with incredibly high ROIs (return on investments) and relatively cheaper apartment costs, compared to bigger and more established markets in the rest of the world such as London and New York.
“Now, the figures are even more remarkable,” said the proptech venture, which operates in more than 100 cities around the world.
Share This Story, Choose Your Platform!
continue reading
