The latest study done by “W Capital” real estate brokerage, revealed that Dubai real estate witnessed record sales in the first four months of 2023, after recording a growth of 57.2%, to reach Dhs115.15bn, compared to Dhs73.25bn in the same period of 2022.
According to the study based on data from the Dubai Land Department, the real estate sector in the emirate recorded 38,927 deals during the first four months of this year, compared to 27,507 deals during the same period last year, with a growth of 41.5%. Dubai real estate sales during the first four months of 2023 are the highest ever January to the end of April sales. Dubai real estate sales during the first 4 months of 2023 also represent about 44% of the total value of sales recorded in 2022, which was about Dhs265.5bn.
The real estate sector in Dubai also achieved its highest monthly performance ever during April, with sales value topping Dhs26.3bn, a growth of 44.5% compared to Dhs18.2bn in April 2022. The study showed that 7,980 sales deals were recorded in April 2023, a growth of 14.3% in terms of the number of deals, compared to April 2022, which amounted to 6,983 deals.
The value of real estate sales in January amounted to Dhs27.9bn , and Dhs26.6bn in February. Sales rose in March to Dhs34.1bn, the highest ever for one month, while the value of sales in April amounted to Dhs26.3bn. “W Capital” real estate brokerage believe that that this unprecedented growth reflects the outstanding Dubai real estate market performance since the beginning of this year, and the everlasting momentum since 2021 after the Covid-19 pandemic, ”said Walid Al Zarooni.
The CEO pointed out that the exceptional performance of Dubai real estate confirms the emirate’s continued attractiveness to foreign investors, amid strong signs of positive and sustainable growth, proving its flexibility, attractiveness, and ability to deepen investors’ confidence, at a time when we witnessed exceptional global circumstances.
“Real estate transactions exceed one billion dirhams per day, in a strong indication of the continuation of the exceptional momentum and performance that began in late 2021, and this is also a strong evidence of the growing investment attractiveness that the sector enjoys,” Walid Al Zarooni added.
He said that it is clear from the procedures followed in Dubai in terms of investment development, facilitating doing business and granting residence visas in an unprecedented manner, that the strong real estate momentum in terms of demand will continue for a longer period, which enhances the chances of rising prices, and thus making additional return on investments for investors in the real estate sector.
The CEO stated betting on the real estate investment in Dubai proved to bin a winner, with returns exceeding 100% in some transactions starting from the spread of the Covid-19 pandemic in 2020 until now, and the gains are increasing month after month. Walid Al Zarooni expected that the summer season of 2023 will also be exceptional for the real estate sector in Dubai, compared to the same period in previous years, which witnessed some slowdown in demand.
Al Zarooni said that the sector will continue to record strong real estate sales during the remainder of this year, with the support of the continued momentum within the market, and the strong incentives provided by the Dubai economy.