New records during summer Dubai real estate poised to fresh peaks

Dubai-based real estate brokerage W Capital ,confirmed that the Dubai real estate sales of are heading to record new levels during the summer season of 2023, amid exceptional and unprecedented demand from foreign investors, especially for luxury real estate.

“The performance of the real estate sector in Dubai continues to exceed all optimistic expectations and achieve historical achievements thanks to several factors, foremost of which are the effective directives of the wise leadership, and government facilities,” said Walid Al Zarooni, W Capital CEO.

This in turn, proves the flexibility and attractiveness of the sector, and the trust and transparency it provides to investors and various categories of dealers, in addition to the increasing attractiveness of the Emirate as a global destination for living, working and investing.

Al Zarooni added that July sales, which are the highest ever for one month, herald a new historic real estate season in the summer of this year, with the continuation of the strong momentum achieved by the real estate sector since the beginning of 2023.

Al Zarooni noted that the market is also witnessing a great momentum in offering new and innovative projects by the largest real estate developers and the small ones, in which the options varied in terms of area, location and quality, which is commensurate with the desires of customers and investors.

The Dubai real estate sector continued to make fresh levels of growth during the first seven months of 2023, achieving its best performance ever for the same period, with a value that exceeded Dhs216bn distributed over 71,537 sales transactions, according to the assessment being done by W Capital for real estate brokerage based on the DLD data.

The results show that the growth rate in terms of sales value on an annual basis during the period from January to July 2023 exceeds 60% compared to the same period last year, amounting to Dhs135bn.In terms of the number of deals  the growth rate is more than 43% with over 50 thousand sales.

The real estate market in Dubai also maintained a state of strong momentum during the month of July that has continued since 2021 by recording 10527 real estate sales transactions with a total value that exceeded Dhs37bn, the highest monthly number ever, compared to the best value recorded at about Dhs34bn last March.

When comparing the general performance of July 2023 with its counterpart in 2022, it becomes clear that the new month witnessed an increase in value by 76% that is about Dhs21bn, with an increase in transactions by more than 47% or 7145 transactions.

Walid Al Zarooni believes that the summer season in the past was usually witnessing a bear market in real estate sales, but the situation has changed since the Covid-19 pandemic, which encouraged many investors to come to Dubai and stay in it as well, as it is the best safety and entertainment haven in the region and the world.

The CEO revealed that the current summer season enjoys more attractive conditions that encourage more investments in the real estate market, with the growth of sales of villas and ready-made apartments, and the tendency of buyers to own residential units close to beaches and recreational destinations for water games. due to the high summer heat.

“Amidst all this, the opportunity remains for real estate investment in Dubai, which has become the undisputed land of investment opportunities in the real estate sector,” Al Zarooni continued. ” Strong growth prospects  encourage more new comers to real estate investments compared to many other investment assets that suffer from turbulence and risks of uncertainty in the global economy.” he said.

Dubai real estate offers the best returns compared to the countries of the region, or even globally, and provides a fertile investment environment for excellence in all fields.

Waleed Al Zarooni stressed that the strong investment demand and the purchase of Dubai real estate by wealthy people from all over the world ,enhances the market position and increases the attractiveness for injecting more investments in the real estate sector in particular and the Dubai economy as a whole.

Al Zarooni expected that real estate sales will continue to make new records, with a value exceeding the barrier of Dhs300bn for the first time in 2023, supported by the unprecedented demand as a result of the emirate’s continued attraction of new residents and investors, in addition to the keenness of foreigners, businessmen and wealthy people of different nationalities to own property real estate in Dubai.