Dubai's real estate market has been on a remarkable uptick in recent years, with high demand from the elite and foreign investors. According to a report by Innovate Real Estate's Insights, Business Bay, Dubai Marina, JVC, and Downtown Dubai are expected to perform well in 2023. The report also reveals that 67,700 apartments were sold in Dubai in 2022, with Business Bay dominating the sector with over 9,300 transactions. Meanwhile, there were over 22,600 transactions for villas in Dubai at an average price of Dh2.1 million, with Jabel Ali First remaining at the forefront with 2,210 transactions. Dubai’s high-end lifestyle, visa schemes, and other noteworthy attractions have lured investors, especially the elite, resulting in soaring demand for real estate. Seven years ago, a two-bedroom apartment in Dubai could be purchased for Dh5.5 million. However, since the pandemic, demand has surged, with homeowners inundated with requests to sell homes that offer luxury amenities such as swimming pools and terraces with panoramic views. Muhammad Dafrawy, Sales Representative of Innovate Real Estate, stated that “Dubai was one of those global destinations managing the pandemic extremely well, so it put Dubai on the map.” Dubai's real estate agency has sold nine properties worth AED220 million in the area this year alone. The Financial Times reports that prices are set to continue rising in 2023, with IRE forecasting a 13.5 percent increase in the cost of prime properties. Moreover, rents rose over a quarter over the same period. As a result, Dubai's real estate market is increasingly attracting millionaires and billionaires, who are now moving to the area full-time and seeking the biggest and best homes. Valuations were particularly high in Palm Jumeriah, while fewer than 5 percent of its more than 600 properties were actually up for sale. The report also reveals that older villas that can be renovated are popular, with some doubling in value since the pandemic to sell for AED110 million or higher. Dubai's largest private sector developer, Damac, has pivoted towards luxury offerings due to the surge in demand from the wealthiest buyers. Overall, the surge in demand from the elite and foreign investors has resulted in soaring prices in Dubai's real estate market, with prices expected to continue rising in 2023. The city's high-end lifestyle, prime locations, and noteworthy attractions have contributed to its growing popularity among the wealthy, resulting in an increasingly competitive and in-demand real estate market.