24 October 2022 – ZAWYA BY REFINITIV – www.zawya.com
Dubai United Arab Emirates: A study conducted by the Dubai-based real estate brokerage , W Capital, showed that the real estate sector in the Emirate of Dubai exceeded the Dhs200bn barrier in terms of sales for the first time since the beginning of this year to date, with more than 74,000 transactions , based on the latest data issued by the DLD.
For the first time , the value of real estate sold in Dubai has ever exceeded Dhs200 , whereas the largest value achieved before was Dhs150bn for the whole of last year.
The third quarter of this year recorded the highest value of quarterly sales ever, exceeding Dhs70bn distributed over more than 26,000 deals. Last August also witnessed the highest total monthly value of real estate sales deals in the Emirate of Dubai, with more than Dhs24.3bn distributed over about 9,732 Deal.
” The real estate market in Dubai continues to break records time after time and month after month, reaching a new level that has not been reached before, in terms of values and volumes, heading at a steady pace towards the end of the current year, with the largest annual sales value in the emirate’s history,” said Walid Al Zarooni, Chairman of W Capital.
Al Zarooni added that the real estate sector in general shows signs of positive and sustainable growth in 2022, as real estate transactions have become no less than one billion dirhams per day, in a strong indication of the continuation of the momentum and exceptional performance that started since late last year, and a strong evidence of the growing real estate sector investment attractiveness.
“This reflects the market’s maturity on the one hand and its ability to continue to attract high net worth investors from all over the world while many other global markets face uncertainty,” Al Zarooni added.
He explained that the real estate market has achieved an unprecedented performance since the beginning of this year, setting another record amid an exceptional growth in demand driven by a number of positive factors, in light of expectations to continue during the remainder of this year, with steady growth in real estate sales to exceed Dhs230bn by the end of 2022.
He pointed out that the Dubai real estate market continues to receive great support from the unlimited facilities and qualitative initiatives launched by the emirate’s government, represented in the policies to support expatriates, new residency laws, and the residence of entrepreneurs and investors, in addition to the infrastructure that made Dubai a global hub in real estate investments. This cemented its position at the forefront of global destinations as the best place to live, work and invest.
Walid Al Zarooni said that the increase in the return on real estate investment by a large percentage encouraged the influx of foreign investors to buy real estate, adding that the market witnessed a radical change, especially with the noticeable shift in investments during the past few years, as it became attracting investors and foreign capital after it was focused on local investors, not to forget the significant increase in the sale of luxury and prime properties in conjunction with the increase in the investments of wealthy and high income people, thanks to advanced infrastructure in addition to a distinguished lifestyle that includes the best hotels and restaurants in the world and the exceptional amenities they provide.
“The prospects for the real estate sector look very promising for the current year and it will be a matter of time to see if next year will be able to break this record , as demand is expected to continue to grow and prices to rise, which makes the Dubai real estate market a fertile ground for investment,” the chairman concluded.