- Dubai’s off-plan real estate market has surged in H1 2023, exceeding global trends by 44%, according to a recent report.
- The upcoming UN Climate Change Conference, COP28, has generated global interest and foreign investment in the region.
- Developers are competing on prices to attract customers, thus ensuring buyers have a variety of options to choose from.
Dubai’s off-plan real estate market has grown by 44% in 2023 so far, due to global interest from wealthy internationals and skilled businesspeople ahead of the UN Climate Change Conference, COP28.
According to the Savills ‘Real Estate Transactions Report’ for 2023, Dubai’s off-plan real estate sector recorded 60,000 units sold, which represented a 209% increase compared to the same period over the past five years.
The report also notes that these figures demonstrate Dubai’s stability and reliability as an excellent destination for both tourists, high net-worth individuals (HNWIs) and businesspeople.
According to the report, H1 2023 has been a major success for Dubai’s residential sector and shows a 12% rise in transactions (57,700 units) compared to H2 2022 and a 44% increase since H1 2022.
Savills’ report also notes that the off-plan market comprised 53% of all units purchased during the early part of this year, with many transactions being made overseas.
Another report for H1 2023, by DHG Properties, a property development company, suggested that attractive tax incentives for foreign travellers have encouraged more skilled workers to migrate to the city to be at the forefront of environmental and economic change.
Skilled international workers wishing to purchase a residence in Dubai should use a safe money transfer system when transferring money.
Blagoje Antić, the founder and director of DHG Properties, expressed his excitement at the remarkable growth in Dubai’s real estate market, which has exceeded the company’s expectations.
He noted that developers are competing on prices to attract international customers, thus ensuring that buyers have various options when purchasing real estate. Antić also suggested that more HNWIs are turning to off-plan properties to take advantage of the economy and avoid expensive loan terms.
The upcoming UN Climate Change Conference in Dubai, COP28 has generated global interest and foreign investment in the region and more than 70,000 people are expected to attend the conference.
Sheikh Mohamed bin Zayed Al Nahyan, UAE President, stated that the conference offers a “chance to find new solutions and diversify our economy”.
HNWIs interested in making international payments for luxury real estate should look to Dubai as an attractive location.
International HNWIs wishing to invest in luxury real estate overseas can use our money transfer comparison tool to find the top transfer rates.
