Dubai’s real estate market is poised for continued growth as the emirate celebrates a resurgent first half of 2023, with a substantial influx of 8.55 million international overnight visitors.
This milestone not only propels Dubai beyond pre-pandemic tourism levels but also underscores its rapid recovery as the fastest-growing global destination.
With a boastful 20% Year-on-Year (YoY) increase in visits, Dubai’s tourism success translates into a promising outlook for the real estate sector, according to ZāZEN Properties, a sustainable property developer.
The surge in international tourists reflects the emirate’s allure and robust appeal, positioning it as the top global destination for the second consecutive year according to Tripadvisor Travellers’ Choice Awards 2023. This accolade marks only the second instance in history where a city has secured the coveted award two years in a row and is telling of the general outlook of what Dubai has to offer as a destination.
As Dubai thrives as a leading global destination, its real estate market is positioned to flourish. The emirate’s rising tourism figures demonstrate the city’s continued growth and its ability to attract a diverse array of visitors. This influx of tourists, captivated by Dubai’s exceptional offerings, contributes to the growing demand for affordable properties. As Dubai continues to lead the charge in sustainable practices, supported by initiatives such as the D33 and UAE Net Zero 2050, as well as its preparations for hosting COP28, the UN Climate Change Conference, the city’s real estate sector is primed to benefit from increased interest and investment.
Amid Dubai’s tourism resurgence, ZāZEN Properties anticipates the continued growth of the real estate market. The confluence of Dubai’s incentives, visionary leadership, and sustainable practices ensures a promising future for both residents and investors seeking to become part of the emirate’s thriving landscape.
In Q2, the delivery of 7,300 units in Dubai raised the total residential stock to 700,000 units. Looking ahead, an additional 21,000 units are poised for handover in the latter half of the year with developers reporting mass absorption of recently launched projects in the emirate; Dubai Pulse data revealed a significant uptick in off-plan residential sales a 30% rise in volume during Q2 when compared to the previous year.
Also published on Medium.
