The ongoing strength of demand in Dubai's real estate market was again highlighted on Tuesday, as the emirate recorded its highest-ever level of property sales in the first half of the year.

Research by W Capital Analytics revealed that Dubai recorded 61,000 sales transactions with a total value of Dh179.34 billion.

"The real estate sector continues to break records in terms of sales and transactions," said Walid Al Zarooni, CEO of W Capital Real Estate Brokers." He added: "The first half of the year recorded the best half-year performance on record, benefiting from supportive factors within the market and continued economic momentum.

W Capital's research shows that the first half of 2023 saw a 57 percent annual growth rate in sales value compared to Dh114.5 billion in the previous year, and in terms of number of transactions, a growth rate of around 42 percent compared to 42,971 transactions in the previous year.

"During June 2023, Dubai's real estate market maintained the state of sustained momentum started in 2021 with 10,405 real estate sales transactions with a total value of Dh30.3 billion, which is the highest ever figure for the month of June, surpassing the all-time record of 2009 with a value of Dh22.92 billion," Al Zarooni said.

Al Zarooni said that despite the Eid al-Adha holiday, this month's real estate transactions would be the fourth highest monthly value after March last year, May last year and November last year, at Dh34.1 billion, Dh33.9 billion and Dh30.8 billion respectively.

Al Zarooni said Dubai provides a legislative environment that takes into account the rights of all parties and maintains discipline for citizens and foreigners." In addition to the speed of litigation, this has increased investor confidence and motivated them to reside permanently, in addition to applying best practices and legislation within the real estate market that regulates property ownership, off-plan sales or leasing," he added.

Dubai's infrastructure has increased enthusiasm for adopting the best technology and continuously modernizing infrastructure. This has contributed to the development and growth of Dubai's economy.

The CEO expects all factors to drive record sales, supported by unprecedented demand from foreigners, businessmen and wealthy people of different nationalities to own property in Dubai, which could surpass the Dh300 billion barrier for the first time in 2023.

Al Zarooni suggested that the high demand for the residential real estate market will continue due to the stimulus measures taken by the Emirate of Dubai, along with the launch of new mega projects that will attract more investors, property buyers and investors, especially foreigners.