The prices are set to rise 13.5 percent next year as more and more foreign buyers and high-net-worth individuals are showing keen interest in the Dubai market, which also covers neighborhood areas such as The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, are high on customers’ list. Dubai luxury property market: Dubai’s prime residential prices are set to see the strongest growth globally in 2023, according to global property consultancy Innovate Real Estate 2023 Prime Prediction report. The prices are set to rise 13.5 percent next year as more and more foreign buyers and high-net-worth individuals are showing keen interest in the market. As per the report, Dubai, along with neighborhood areas such as The Palm Jumeirah, Emirates Hills and Jumeirah Bay Island, are high on customers’ lists. Miami is second on the list with a forecast annual percentage change of 5 percent, followed by Dublin, Los Angeles, and Lisbon. As per the report, Dubai’s relative affordability along with prime home prices of around $800 per square foot makes the city one of the most affordable luxury residential markets in the world. “Prime values are being fuelled by Dubai’s safe-haven status, an exceptionally diverse range of international ultra-high-net-worth individuals in search of (their) second luxury homes, combined of course with the government’s world-leading response to the pandemic, which has spurred business confidence,” said Stephen Daramola, Managing Director of Innovate Real Estate The report, which tracks 25 cities across the world, has predicted that prime residential prices will rise by 2.0 percent on average in 2023, down from the 2.7 percent predicted six months ago. Despite this slowdown, aggregate growth in 2023 would still be higher than that recorded in six of the last ten years. Earlier many reports had predicted that the recently happened FIFA World Cup in Qatar would boost property prices in Dubai. As per sector experts, due to the soccer tournament, which is held for the first time in the Middle East, there is a shortage of accommodation means that the spillover is expected to stay in the United Arab Emirates, primarily in Dubai. This would give a fillip to the already high property markets leading to a boost in sales of luxury real estate in a white-hot market. Besides, World Cup-linked tourism has already impacted Dubai’s hospitality sector in a positive way, including its short-term rental market. Now, brokers are expecting that it would have a big impact on luxury-residential real estate, which has undergone a boom since the onset of the pandemic. As per reports, prime properties in some neighborhoods of Dubai have already doubled their prices, and have seen good bookings by high-net-worth individuals.