What You Should Know About Real Estate Trends in 2023

ByOff Plan

You may be wondering how the rising cost of living and the plethora of recent national events affect the housing market. Off Plan, DBX is an established Dubai-based real estate firm that provides a comprehensive range of services for off-the-plan homes.

Home Inventory Is Low but Growing

Limited inventory has been a problem in the real estate market for some time now. This continues a real estate trend that began before 2020 and only worsened during that year of madness. Nonetheless, there may be a shift in the tendency. As of November, stock levels have risen by the biggest monthly margin since May 2022 (nearly 46% compared to the same period a year earlier).

Annual Home Values Are Still Rising

The answer is still yes; property prices continue to rise annually. In November 2022, the median price of a property on the market rose to $416,000, 11% from the previous year. 4 While this is still a healthy increase, it is less than the average annual growth rate of 16% witnessed in June and July, which may indicate a moderation in the increase in property prices. 5,6 It implies growth in 2023 is likely to be modest at best.

Yet, since there is still a high demand from buyers and a limited supply of properties, prices are unlikely to fall. Prices are falling somewhat monthly (as is the regular pattern for commodities when they peak in early summer), but they will still conclude the year higher than they began.

What Higher Prices Mean for Buyers

Know exactly how much house you can afford before shopping in today’s expensive real estate market. Don’t give in to buying pressure just because you’re sick of seeing other people snag up affordable properties on the market.

We understand how difficult it may be to wait for the perfect house within your price range. Yet when your house is a blessing rather than a huge, obnoxious hassle because of mortgage payments you can’t make, you’ll be pleased you did it.

What Higher Prices Mean for Sellers

Potential for a healthy return on investment! That’s excellent news since you’ll need the additional funds for the down payment on your next house. If you want to receive the greatest price for your property, choose a real estate agent who is well-versed in the market’s current status in your area.