Dubai, United Arab Emirates: A survey conducted by 'W Capital', a leading real estate brokerage firm based in the emirate of Dubai, has revealed that sales in the Dubai real estate sector since the start of the blessed month of Ramadan are the best in the emirate's history, recording a value of Dh25 billion in just 20 days.
According to the survey, which is based on data from the Dubai Land Department, the value of sales exceeded the Dh17.3 billion recorded by the sector for the entire month of Ramadan in 2022, an increase of 44 per cent, while real estate transactions have typically remained slow at this time of year in previous years.
Real estate expert Walid Al Zarooni, chairman of 'W Capital', said that Dubai's real estate sector has maintained a strong investment momentum since the pandemic, with new factors supporting the emirate's economy.
Al Zarooni explained that the number of real estate transactions in Dubai reached 7,207 with a total value of Dh24.85 billion in the first 20 days of the current month of Ramadan, due to the huge demand from foreign and local investors.
He noted that the growth in demand for real estate is unprecedented. the first quarter of 2023 witnessed the best quarterly sales performance in the history of Dubai's real estate market, breaking the record set in the fourth quarter of last year and reaching unprecedented new levels with a value of over Dh87 billion.
These unprecedented results have contributed to the continued upward trajectory of Dubai's real estate sector.
Walid Al Zarooni emphasised that the recovery of the Dubai real estate market this year is unquestionable, with expectations indicating a continuation of brilliant and record levels.
"The market is witnessing its best performance since early 2023 as all factors are supportive and people have confidence in the government's policies and Dubai's economic ability to record good growth rates," he said.
Al Zarooni said that Ramadan witnessed a period of seasonal inactivity within the real estate sector until 2022, but property developers were able to turn this quietness into a period of recovery.
Al Zarooni revealed that Dubai is currently the preferred real estate destination for all. This is due to its attractive legislative environment, the positive impact of the Golden Visa amendment, its modern infrastructure , roads and airport that connects Dubai to all destinations, its luxury business hubs, and other factors that enhance the status of real estate, especially luxury.
Al Zarooni noted that the escalation of geopolitical risks around the world has boosted investment in havens, particularly real estate, and that Dubai's real estate stands out as the best available option for living, working and investing at the same time.
The CEO believes that investor confidence in Dubai's real estate continues, and with other major global markets still suffering from economic pressures since the Covid-19 pandemic, Dubai still has a lot to offer investors, including attractive investment opportunities and good returns.
Property sales are expected to recover further as demand from foreign investors increases and Dubai, as a leading global business and tourism hub, has emerged as a growing destination capable of meeting all of its clients' requirements. Competitive pricing compared to other destinations in the region and around the world makes another factor, in addition to the fact that the emirate will remain a dream destination for many people of different nationalities around the world in the future.
