Dubai, United Arab Emirates: A new "W Capital" analysis shows continued strong demand in the Dubai real estate market, as evidenced by an exceptional first half of 2023 and the highest level of real estate sales. This is reflected in 61,000 sales transactions with a total value of Dh179.34 billion, the highest ever half-year figure.
"The real estate sector continues to break records in terms of sales and transactions," said Walid Al Zarooni, CEO of "W Capital" real estate brokerage.
"The first half of the year recorded the best half-year results in its history, benefiting from supportive factors within the market and continued economic momentum," he added.
Al Zarooni explained that in the first six months of 2023, the annual growth rate in sales amount reached 57% compared to Dh114.5 billion last year, and in terms of number of transactions, it was about 42% compared to 42,971 transactions last year.
"In June 2023, Dubai's real estate market maintained the continued momentum started in 2021 with 10,405 real estate sales transactions worth a total of Dh30.3 billion, the highest number ever for the month of June, surpassing the all-time record of 2009 with a value of Dh22.92 billion," he continued.
Al Zarooni said that despite the Eid al-Adha holiday, which lasts for four days, this month's real estate transactions will 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.
Walid 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 proceedings, this has increased investor confidence and motivated them to reside permanently, in addition to applying best practices and legislation within the real estate market to regulate property ownership, off-plan sales or leasing.
Al Zarooni said that Dubai has the best infrastructure in the world in all areas and is keen to adopt the best technology and continuously modernize its infrastructure. This has contributed to the development and growth of Dubai's economy.
He revealed that the world comes to Dubai all year round and is impressed by the economic and recreational activities. This is one of the things that attracts people to come and live here, while applying this equation by providing good investment opportunities and achieving high returns on this investment, in addition to enjoying the ongoing entertainment activities and attractive tourist attractions within Dubai.
The CEO expects that all factors will drive record sales and it could surpass the Dh300 billion barrier for the first time in 2023, supported by unprecedented demand from foreigners, businessmen and wealthy people of different nationalities to own property in Dubai.
Walid Al Zarooni suggested that the high demand for residential real estate market will continue due to the stimulus measures taken by the emirate, while with the launch of new mega projects that will attract more investors, property buyers and investors, especially foreigners.
