Consequently, it has released a report that predicts the up-and-coming trends in the real estate market in the fourth quarter of 2023.
The report by Realiste has been based on a number of factors, such as growth forecasts, projected ROI, future market dynamics, and infrastructure trends.
Consequently, it went on to predict the growth in property prices in five of the most active and in-demand real estate areas in Dubai.
These include Al Kheeran, which is popularly known as the Dubai Festival City, and Bukadra Part 2.
The AI platform uses a large amount of input data, which it obtains from a number of sources.
Moreover, it takes into account more than 200 parameters for certain cities in the UAE, including Dubai.
For its reports, Realiste uses different factors, but some of the most common ones are district differences, news events, seasonality, as well as price limits.
All of these are used to create forecasts and predict trends for each category, building quality level, and apartment.
In addition to average annual rental yield and price growth forecasts for different areas, the report lists other indicators as well.
These include Access to Water, which accounts for the surface area in each city that is in contact with water bodies or the land that is connected to water.
It further refers to Access to Parks, which gives an idea of the greenery that surrounds a particular area.
The Class of Buildings is another indicator used by Realiste, which reflects the average quality of a building in the neighborhood.
Another key factor for the report is the Development Level, also known as the percentage of land that is occupied by green spaces, water, or buildings.
The top five areas in Dubai that have been forecasted to report the highest increase in average price per square meter in the last quarter of 2023 include Al Kheeran, Dubai Harbor, Al Warsan First, Bukadra Part 2, and Sobha Hartland.
Al Kheeran is believed to report an increased price growth of 5.58%, while Dubai Harbor has been predicted to witness a 6.18% surge in property prices.
Meanwhile, real estate prices in Al Warsan First and Sobha Hartland are likely to go up by 6.99% and 8.05%, respectively.
Consequently, Bukadra Part 2 has been forecasted to show the highest increase of 8.12% in average property prices in the area.
Bukadra Part 2, being the highest-rated area in Dubai, was ranked at 92% in terms of Class of Buildings.
The Development Level for the area stood at 37.6%, and the lowest average price per square meter was forecasted to be AED 26,941.
The increase in average prices per square meter is believed to go up substantially since it currently stands at AED 22,497.
As per the report, the number of transactions will likely increase as well. In the third quarter, the city recorded a total of 45,968, which is an increase from 2022, when the overall transactions stood at 26,747.