High net worth investors are the main reason for Dubai property price increase. A rise in the average price in property of 8.72% has been observed within the overall prime real estate market in the emirate. Ultra-high net-worth investors in prime districts of the city have doubled the average prices for apartments, as demonstrated in the data from the Dubai Land Department. During the fourth quarter of 2022, there were transactions of over AED 30B (USD 8.1B) within the prime residential market in Dubai. The number of housing units sold also grew by 230.24%. The highest cost of real estate in the sought-after area of Jumeirah Bay constituted AED 6,996 (USD 1,905) per sq. ft. The average price of a property in the area is currently AED 45.7M (USD 12.4M). Apartments in the community sold for an average of AED 64.9M (USD 17.6M), which shows an increase of a median price of a huge 297%.
The most expensive real estate in Jumeirah Bay was located in Bulgari Lighthouse & Bulgari Resorts & Residences. The areas of Palm Jumeirah and Za’abeel were the next areas with the highest property prices. The sharp rise in costs in certain elite communities of Dubai is being driven by the interest of investors in elite branded residences. The most volume in sales growth with a quarter increase of 117.36% was observed in the area of Palm Jumeirah, followed by the neighbourhoods of Al Barari and Jumeirah Islands. The most unit sales were apartments, with a total volume that constituted AED 24B (USD 6.5B). The top three areas with the highest prime apartment sales volume included Palm Jumeirah, Business Bay and MBR city. The villa market in the emirate of Dubai increased in terms of volume sales, with the highest number of units sold in Emirates Living. The highest sales volume at AED 2.56B (USD 697M) was on Palm Jumeirah and 62.6% of all villas sold in the prime area were off-plan transactions.