Dubai-based real estate brokerage company W Capital said that Dubai real estate annual sales are heading to record a new record number, with value exceeding Dhs400bn during the current year for the first time ever, based on data from the Dubai Land Department (DLD).
The value of real estate sales since January 2023 has risen to more than Dhs393, the highest number recorded in the history of the market. There were more than 127.ooo deals, and with a week before the end of the year, it is expected to exceed Dhs400bn,” said Walid Al Zarooni, CEO.
Al Zarooni expected that the historical momentum in the real estate market in Dubai will continue during the next year after the significant growth in the year 2023, while the sector is approaching the fourth year of successive price increases in the third market cycle. It will also be a matter of time to know whether these new records will be broken or not. Demand is expected to continue to grow taking prices to new highs. This momentum is making the Dubai real estate market more attractive for investors of all nationalities around the world.
Walid Al Zarooni stressed that these unprecedented sales embody the strength of growth, not only in the luxury real estate category, in which Dubai holds the global lead, but also in the medium-sized real estate sector and commercial and hospitality units.
Al Zarooni confirmed that Dubai provides a legislative environment that takes into account the rights of all parties and maintains the discipline of citizens and foreigners alike. The speed of litigation increases investors’ confidence and motivates them to pursue permanent residency. This adds to applying the best practices and legislation within the real estate market, which regulates the processes of property ownership or off-plan sales, or rentals.
The CEO confirmed that the latest assessments regarding the prospects for real estate sales in Dubai indicate that the main residential real estate markets in the emirate may remain at the investors radar during 2024, as they remain a destination for investors who want to obtain affordable investment opportunities with good long term investment returns.
Walid Al Zarooni expected this trend to continue, with increased deal volumes, growth in demand for ready-to-go properties, continued supply constraints, and a high percentage of “cash” buyers and investors who are less sensitive to inflationary pressures and rising interest rates compared to mortgage-financed buyers.
He said that this potential strong performance in the coming year comes in light of the prestigious position that Dubai enjoys locally and globally, as well as the exceptional vital location, easy procedures, tax exemptions and other motivating factors for foreign real estate investment.