Real estate brokerage firm "W Capital" estimates that Dubai's real estate sales will exceed Dh250 billion by the end of the year, with more than 100,000 transactions, the highest value and volume in the market's history.
The assessment conducted by the Dubai-based firm showed that from January to date, Dubai real estate sales exceeded Dh236 billion with about 87,000 transactions.
This is more than the total sales of the past two years, when sales stood at Dh219 billion, according to the latest figures released by DLD.
The study confirmed that November - which is not yet over - witnessed the highest ever total of real estate sales transactions, with a value of more than Dhs27.6 billion, spread over 9,900 transactions so far.
The previous record for the largest value was in October last year, with more than Dh25 billion and 8,635 transactions. In August, sales were valued at more than Dh24.3 billion with 9,732 transactions.
Dubai's real estate sector is currently experiencing a golden and historic period as it continues to record exceptional numbers and an unprecedented pace since the beginning of this year, which is unprecedented in this important sector of the emirate's economy.
2022 is set to be the best year for the Dubai real estate market to perform as it witnessed record breaking year after year, reaching new and unprecedented levels in terms of value and volume.
Sales values are steadily progressing towards the goal of reaching Dh25 trillion by the end of the year, with the prospect of reaching at least Dh260 billion to Dh270 billion.
The Dubai real estate sector has generally shown signs of positive and sustainable growth this year as real estate transactions have been no less than Dh1 billion per day, a strong indication of exceptional momentum and performance from the end of 2021, which is a testament to the sector's strong and growing investment appeal.
It also reflects the maturity of the market on the one hand and its ability to continue to attract high net worth investors from around the world, while many other global markets are facing a state of uncertainty on the other.
Dubai's real estate market continues to receive tremendous support from the unlimited facilities and high quality initiatives introduced by the Emirate's government, as evidenced by pro-resident policies, new residency laws and residency rights for entrepreneurs and investors.
In addition, high-quality infrastructure projects have placed Dubai at the forefront of the global real estate scene and strengthened its position as a global destination for the best places to live, work and invest.
The outlook for the Dubai real estate market looks very promising for the first half of 2023 and it will be a matter of time before the current record is broken next year as demand is expected to continue to grow while prices remain on an upward trajectory, making the Dubai real estate market a fertile investment environment.
