Dubai: Are real estate prices about to come down? Here's what the expert says - News | Khaleej Times

The market still has huge potential, says a pro-tech expert.

Published:

Wed July 5, 2023, 6:00 a.m.

Updated:

Wed July 5, 2023, 7:12 am.

Property prices in Dubai are in their best phase ever and the current bull market for real estate in the emirate is different from the previous two peaks in 2008 and 2014. According to a leading expert, prices will not come down in the near future. "There is still huge potential and promise here for both Dubai and the UAE as a whole. In particular, Dubai is in a unique situation between the West and Asia, attracting all streams of commerce and talent," Alex Galtsev, founder of Realiste, an artificial intelligence-based proptech firm, told Khaleej Times. Galtsev emphasized: "Right now, Dubai has a sophisticated infrastructure and legal framework (e.g. escrow accounts and so on). The whole construction process is now financed mainly with cash from many countries, diversifying extensively. There are great opportunities and real estate is still very undervalued," he added.

Alex Galtsev, founder of Realiste. - Photo provided by

According to Realiste's artificial intelligence platform, the best-selling neighborhoods in Dubai are Downtown, JVC and will soon be joined by Sobha Hartland and Creek Harbour, already ranked in the top 5 areas. Artificial intelligence is making real estate transactions more transparent, says Galtsev.