As we enter 2023, Christie’s International Real Estate Dubai looks back on a hugely successful past year.
Launched in September 2022, our bespoke office at the Dubai World Trade Centre showcases our most prestigious properties and upcoming developments. 2022 will be remembered as one of Dubai’s most eventful years. We review the trends and moments that have defined it.
The Dubai real estate sector achieved a record-breaking AED 265.58 billion (approximately US$72.3 billion) from over 97,000 transactions for the year, representing a 61% gain from 2021.
New investment hugely impacted this performance. While Indian and British investors continue to pour in, the city also welcomed buyers from places as varied as China, Italy, France and Canada. But geopolitical events and Dubai’s tax-free environment contributed to making Russia the defining source of property investment.
The top five performing areas by sales volume for 2022 showcase the diversity of luxury lifestyles unique to Dubai (courtesy DXB Interact).
Resultantly, Dubai has significantly outperformed global markets, a trend that extends to the rental sector as well. As an example, while Paris and Singapore offer approximately 2.5% in yields, prime areas in Dubai can fetch as much as 8%.
The Golden Touch
The Golden Visa reforms provided a large fillip to the real estate industry, allowing for AED 2 million (approximately US$544,000) worth of property investment to qualify investors for a 10-year-long, automatically renewable residency visa.
It is no coincidence that 4000 new millionaires were expected to enter Dubai by the end of 2022, while the number of centi-millionaires is expected to increase by 52% over the next 10 years.
The World Was Here
Expo 2020, the first to be held in the Middle East, Africa or South Asia.
Despite its pandemic-induced delay, the Expo 2020’s joyous dance of international pavilions and exhibitions grandly embodied Dubai itself. It proved a roaring success, with over 24 million visitors.
The breathtaking Argentina-France finale of the World Cup, on the other hand, proved a spectacular metaphor for the tournament’s impact. Dubai’s advantageous location, daily flights, unprecedented hotel bookings and fan zones all helped to permanently alter the region’s standing and domestic economies.
Christie’s International Real Estate Dubai
Naturally, we capitalised, opening a new office at the iconic Dubai World Trade Centre that showcases our global network’s most prestigious properties, and also hosts our off-plan team — their resolute relationships with leading developers enable clients to invest in the most exclusive developments.
We also inaugurated our new development division, which provides a full turnkey approach for plot development, from product conceptualisation and market analyses to bespoke sales networks and international marketing, always with the aim of achieving significant ROIs.
2023 in Preview
As we inch closer to marking our second anniversary as Christie’s International Real Estate Dubai, we plan to open a bespoke office in the Dubai International Financial Centre (DIFC), which will further our status as the U.A.E.’s most refined and reliable agency.
2023 looks set to be a bumper year for the Dubai real estate market, too, with a slate of new projects being announced to keep up with rising demand. Importantly, the inflation that looks set to afflict major economies is not expected to have a noteworthy impact on Dubai’s real estate sector.