Tuesday brought to light the continued strength of demand in the Dubai real estate market, with the first half of the year seeing the greatest levels of sales ever.
W Capital analysts’ research revealed that the Emirates had 61,000 sales deals with a combined value of around Dh179.34 billion.
“The real estate sector continues to break records in terms of sales and transactions,” said Walid Al Zarooni, W Capital Real Estate Brokerage CEO. “The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum,” he added.
According to W Capital’s research, the growth rate in terms of sales value was 57 percent on an annual basis during the first half of 2023, compared to Dh114.5 billion the year before, and in terms of deal volume by around 42 percent, compared to 42,971 deals the year before.
“During June 2023, the real estate market in Dubai maintains a continuous state of momentum started in 2021, with 10,405 real estate sales deals with total value of Dh30.3 billion, which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of Dh22.92 billion,” Al Zarooni said.
Despite the Eid Al-Adha holiday, Al Zarooni predicted that the value of real estate transactions this month will rank fourth highest overall, behind only the months of last March, last May, and last November, which had respective values of Dh34.1 billion, 33.9 billion, and 30.8 billion.
Al Zarooni said that Dubai provides a legislative environment that takes into account the rights of all parties and maintains the discipline of citizens and foreigners alike. “Besides the speed of litigation, which increases investor confidence and motivates them to permanent residence, in addition to applying best practices and legislation within the real estate market, which regulates real estate ownership, off-plan sales, or rentals,” he added.
The infrastructure in Dubai has increased the city’s eagerness to acquire the latest technologies and continuously modernize the system. The economy of Dubai will benefit from this expansion and growth.
The CEO predicted that all factors would be driving record sales, and with the assistance of the extraordinary demand from foreigners, businesses, and wealthy individuals of many nationalities to acquire a property in Dubai, it would surpass the Dh300 billion barrier for the first time in 2023.
Al Zarooni predicted that due to the emirate’s stimulus measures and the introduction of new megaprojects, which will draw more investors, the high levels of demand in the residential real estate market will persist among real estate buyers and investors, particularly foreigners.
