Dubai-based real estate brokerage firm W Capital has confirmed that Dubai real estate sales are set to reach an all-time high in the summer of 2023 amid unprecedented and exceptional demand from foreign investors, particularly for luxury properties.

Walid Al Zarooni, Chief Executive Officer of W Capital, said: Dubai's real estate sector continues to outperform all optimistic expectations and has achieved historic success thanks to several factors, the most important of which are the effective directives of wise leaders and government facilities.

This in turn is a testament to the flexibility and attractiveness of the sector and the level of trust and transparency it offers to investors and dealers of all kinds, in addition to the emirate's growing attractiveness as a global destination for living, working and investing," said Walid Al Zarooni, Chief Executive Officer of W Capital.

Al Zarooni added that July's sales were the highest ever for the month, heralding a new historic property season this summer, with the strong momentum achieved by the real estate sector since the beginning of 2023 set to continue.

Al Zarooni noted that the market is also witnessing strong momentum from both the largest real estate developers and smaller developers in delivering new and innovative projects with a wide range of choices in terms of size, location and quality, in line with the aspirations of clients and investors.

Dubai's real estate sector continued its new level of growth in the first seven months of 2023, achieving the best results in its history for the same period, with more than Dh216 billion in sales across 71,537 sales transactions, according to an assessment by W Capital for real estate brokers based on DLD data.

The results show an annual growth rate of more than 60 per cent in the value of sales between January and July 2023 compared to the same period last year, reaching Dh135 billion.

Dubai's property market also maintained its strong momentum since 2021 in July, recording 10,527 property sales transactions with a total value of more than Dh37 billion, the highest monthly figure ever, compared to the best value of around Dh34 billion recorded in March last year.

If the overall performance of July 2023 is compared to that of July 2022, it is clear that the new month saw a 76 per cent increase in value to around Dh21 billion and a 47 per cent increase in the number of transactions, or 7,145 transactions.

According to Walid Al Zarooni, the summer months in the past were usually a bear market for property sales, but the situation has changed since the Covid-19 pandemic, which has prompted many investors to come to and stay in Dubai, as it is the best safe and recreational paradise in the region, and in the world.

The CEO revealed that the current summer conditions are more attractive and encouraging more investment into the property market due to the high summer temperatures, growth in sales of villas and ready-made flats, and the tendency of buyers to own residential units near the beaches and water games and entertainment venues.

 Under all these circumstances, Al Zarooni continued, real estate investment opportunities remain available in Dubai, which has become the undisputed land of investment opportunities in the property sector. Strong growth prospects are encouraging more new investors to invest in real estate, he said, while many other investment assets are subject to the risks of global economic turmoil and uncertainty.

 Dubai real estate offers some of the highest returns compared to countries in the region and even globally, and provides a fertile investment environment for the best companies in all sectors.

Waleed Al Zarooni highlighted that strong investment demand and wealthy individuals from all over the world purchasing Dubai real estate has boosted Dubai's market position and increased the attractiveness of injecting more investment into the Dubai real estate sector and the Dubai economy as a whole.

Al Zarooni predicted that property sales will continue to set new records, surpassing the Dh300 billion mark for the first time in 2023, supported by unprecedented demand, as Dubai continues to attract new residents and investors, and as foreigners, businessmen, and wealthy individuals of different nationalities are keen to own real estate in Dubai.