"The Dubai real estate market continues to deliver outstanding historical performance and sustainable growth, hitting new highs month after month as investors' choices and options for investing in the property market continue to expand," said Walid Al Zarooni, CEO.

At the same time, transparency in this important sector continues to grow, helping to strengthen the emirate's global position as one of the most important destinations for real estate investment, said CEO Walid Al Zarooni.

Al Zarooni noted that market sales in the first seven months of the year exceeded Dh217bn, the largest ever recorded for this period. Sales are growing every month, setting new records, reflecting the fact that the market continues to offer attractive investment opportunities, as well as a favourable living and working environment.

Al Zarooni highlighted that Dubai's property sector in general is showing signs of sustainable growth as it has successfully proven its flexibility, attractiveness and ability to deepen investor confidence in a special economic and geopolitical environment.

He added that the average daily real estate sales have recently risen to Dh1.5 billion compared to Dh1 billion at the beginning of this year. This is a strong testament to the continuation of the extraordinary momentum and performance that began at the end of 2021 and the growing investment appeal it enjoys.

Al Zarooni revealed that demand for real estate in Dubai has been exceptionally strong over the past two years, thanks to the emirate's vibrant economy and the influx of wealthy individuals from around the world. This recovery has led to an increase in the return on real estate investment in Dubai to 9 per cent per annum.

The CEO confirmed that the market's reliance on end-users of real estate units makes the most important feature of the Dubai real estate sector at present, along with the influx of wealthy individuals and companies into the property market, which constitutes the main source of demand. He expects Dubai's real estate boom to continue in the coming years, given the indicators of continued development of the renewable pillar of economic activity as a whole.

Al Zarooni noted that Dubai's infrastructure is of the best standards in the world in all areas, noting that Dubai is keen to utilise the best technology and constantly modernise its infrastructure to keep pace with the development and growth of Dubai's economy.

Walid Al Zarooni noted that Dubai provides a legislative environment that takes into account the rights of all parties, upholds discipline and the speed of proceedings for citizens and foreigners alike. This has boosted investor confidence and prompted them to settle permanently, in addition to Dubai's adoption of best practices and legislation in the real estate market that regulates property ownership, off-plan sales or leasing.

This momentum and record numbers have encouraged investors, boosted their confidence in the future of the property sector and raised their positive expectations, he concluded.