Dubai based real estate brokerage W Capital followed up a record rise in real estate sales in Dubai during summer 2023, confirming the highest numbers for the summer season, exceeding Dhs102bn. The value of real estate sales this summer is 50% higher than the summer season of last year, which amounted to Dhs68bn.
The number of transactions also increased by 30% to 33,600 transactions this summer, compared to 25,677 transactions for the same period last year. “The summer sales results were in line with all expectations, with the promising market recording the best summer season in its history in terms of sales value,” said Walid Al Zarooni, W Capital CEO.
Al-Zarooni revealed that the market succeeded in providing more attractive opportunities and big chunks of gains that encouraged investors and buyers to pump liquidity into the real estate sector, noting that sales of ready-made villas and apartments recorded remarkable growth with the tendency towards acquiring residential units close to beaches and recreational places for water sports ,due to the high summer temperature.
He pointed out the market great momentum in launching new and innovative projects from the largest to the smallest real estate developers, in which the options have varied in terms of area, location and quality, which is consistent with the desires of customers.
Walid Al Zarooni stressed that the opportunity is still ripe for real estate investment in Dubai, which currently outperforms the global largest real estate markets, and offers more returns for investors, amid strong growth prospects that are better than many other investment assets that suffer from turmoil and risks of uncertainty. Dubai real estate is still promising and rewarding . It offers the best returns compared to countries in the region, or even compared to other countries.
The head of W Capital believes that the strong investment demand and the purchase of Dubai real estate by wealthy people from all over the world strengthens the market position and increases the attractiveness of injecting more investments into the real estate sector in particular and the Dubai economy as a whole.
Al Zarooni explained that the recovery came with direct support from the continued large increase in the number of people coming to Dubai with high financial net worth, and the increasing attractiveness of the emirate as a global destination for living, working and tourism. The Dubai real estate market boom is lasting long, contrary to the prevailing trend in many parts of the world where values decreased amid rising interest rates and a bleak global growth outlook.
Walid Al-Zarooni expected that the remaining period of 2023 would be better than its counterparts in the previous year, making it the best year ever in terms of real estate sales. This recovery may continue for many more years as the supporting factors that serve the current boom remain.