A leading real estate executive in the city predicts that the Dubai real estate industry will generate sales of AED300 billion ($82 billion) this year.
Based on the data currently available, Walid Al Zarooni, CEO of W Capital, said that Dubai’s real estate industry sales might surpass the record-breaking AED300 billion mark in 2023.
According to data from the Dubai Land Department, Al Zarooni reported that sales in the real estate industry in Dubai have topped AED 120 billion since the start of 2023. This figure, which is the highest ever for the same time period, is spread across more than 41,000 sales deals.
Dubai real estate
Walid Al Zarooni said: “Real estate market data indicate the ever-lasting momentum, and the possibility of breaking last year’s records, boosted by the turnout of the global wealthy”.
Al Zarooni reported that throughout the course of 2022, total real estate sales in Dubai increased by 78.3 percent to AED265.6 billion ($72 billion). This was the greatest year value ever recorded in the emirate’s real estate market history, spread across more than 97,000 deals.
According to him, large transactions with amounts greater than AED1 million and a select few over AED1 billion occur virtually every day.
Within 24 hours or a maximum of two weeks, many new projects are sold off-plan.
According to Al Zarooni, some significant investors began to buy full floors and then resell them at retail, which is a significant trend in the market that sparked new players and increased investment momentum, and contributed to the market’s recovery.
The CEO noted that real estate transactions now reach AED1 billion per day, which is a clear sign of the sector’s accelerating attraction to investors as well as its strong momentum and remarkable success since late 2021.
Walid Al Zarooni emphasized that Dubai offers the ideal setting for simultaneously living, working, and investing.
The successful bets investors have made on real estate investments in Dubai, with gains exceeding 100% in some cases since 2020 when the pandemic started to the present, are evidence of that.
The CEO claimed that the procedures used in Dubai to develop investments, make it easier to conduct business and provide residency visas, and advanced investing activities.
This is demonstrated by the high demand momentum for real estate, which will last for a longer time.
These elements will increase the likelihood of higher prices, resulting in greater profits for real estate investors.
Al Zarooni thought that a variety of factors, including projections for the local or global economy, impact real estate sales prospects for this year.
“The real estate sector in Dubai is also affected by many variable factors, such as government policies, demographic changes, fluctuations in oil prices, and expectations of strong demand,” he said.
Despite the anticipated fluctuations in the global market, Al Zarooni noted that Dubai is showing consistent economic growth, urban development, and a growth in social activity. As a result, it is likely that long-term demand for real estate will remain strong.