A study by “W Capital”, the leading real estate brokerage based in Dubai, showed that Dubai real estate record numbers became the “new normal” since the beginning of this year, both on monthly and quarterly bases.
According to the study – which was based on data from the Dubai Land Department DLD- the real estate market sales in the emirate reached new highs during the first nine months of this year exceeding Dhs277bn, which is the best sales value. Sales resulted from 92.330 transactions. That is a growth of 51% and 35% in terms of value and number, respectively, compared to the same period last year, topping Dhs183.5bn through 68.382 transactions.
Dubai real estate market sales also increased during September 2023 by 7% on an annual basis, reaching Dhs26bn, a new record for the same month ever.
The study indicated that during the third quarter of this year, the Dubai real estate market recorded the highest quarterly sales ever, with a value of Dhs97bn, resulted from more than 31000 transactions.
Thus, the value of real estate sales recorded in Dubai during the three months ending in September 2023 increased by 7.5% on a quarterly basis, compared to sales recorded in the second quarter of the same year at Dhs90.4bn.
Real estate sales through the first 9 months also increased by 4% ,that exceeded the total sales for the entire year of 2022, which amounted to Dhs265.6bn.
“These unprecedented sales embody the strength of growth momentum in the Dubai real estate sector, not only in the category of luxury real estate, in which the emirate have a global lead, but also in the sectors of medium-sized real estate, commercial units, and hotels,” said CEO Walid Al Zarooni.
He expected that real estate sales in Dubai would break the barrier of Dhs350bn by the end of this year, which will be a new historical figure supported by the attractiveness of the investment environment in the emirate and its global position among the best cities for living, working and investing.
Walid Al Zarooni pointed out that Dubai has achieved significant and record growth in its real estate market since the beginning of 2023, stressing that the prospects of more growth are promising, as sales have reached record numbers in the number of transactions and volume of sales.
Al Zarooni stated that the recovery came with direct support from the continued significant increase in the number of high-net-worth people coming to Dubai, and the increasing attractiveness of the emirate as a global destination for living, working and tourism, so that the real estate market in Dubai witnessed an unprecedented prosperity.
The CEO said that Dubai provides a legislative environment that respects the rights of all, maintains the discipline of citizens and foreigners alike without discrimination, as well as speedy litigation. This increases investors’ confidence and motivates them to reside permanently, in addition to applying the best practices and legislation within the real estate market, which regulate the processes of property ownership, off-plan sales, and rentals.