- The real estate sector is going through a golden period, as it continues to record unprecedented numbers and historical rates
Dubai, United Arab Emirates: “W Capital”, the real estate brokerage estimated Dubai real estate sales would exceed Dhs250bn by the end of this year, with more than 100,000 transactions, that is the highest in terms of value and volume in the market history.
The evaluation conducted by the Dubai-based company showed that the Dubai real estate sales exceeded Dhs236bn from January to date through about 87 thousand deals, which is more than the total sales recorded during the past two years together, when amounted to Dhs219bn, according to the latest data issued by DLD.
The study confirmed that November - which has not ended yet - witnessed the highest monthly total value of real estate sales deals ever, exceeding Dhs27.6bn in value, distributed over 9,900 deals so far. The previous largest value was recorded last October, exceeding Dhs25bn, with 8,635 deals. In August, the sales value topped Dhs24.3bn, with 9,732 transactions.
“The real estate sector in Dubai is currently going through a golden and historical period, as it continues to record exceptional numbers and unprecedented rates since the beginning of the year, which have not been witnessed before in this vital and important sector of the emirate's economy,” said Chairman Walid Al Zarooni .
He added that 2022 is going to be the best year in terms of Dubai real estate market performance, as it witnessed breaking records time after time, reaching a new level that it had not witnessed before, in terms of values and volumes. He pointed out that the value of sales is moving steadily towards ending the current year at a quarter of a trillion dirhams, with the prospects reaching Dhs260to270bn at the very least.
The chairman said that the Dubai real estate sector is generally showing signs of positive and sustainable growth this year, as real estate transactions have become no less than one billion dirhams per day, in a strong indication of exceptional momentum and performance that began since late 2021, and this is also evidence of robust and growing investment attractiveness of the sector.
"This also reflects the maturity of the market on the one hand, and its ability to continue to attract high-net-worth investors from all over the world on the other hand, while many other global markets are facing a state of uncertainty," Al Zarooni continued.
He stressed that the real estate market in Dubai continues to receive great support from the unlimited facilities and qualitative initiatives launched by the emirate's government, represented in the policies to support residents, new residency laws, and residency for entrepreneurs and investors, in addition to the quality infrastructure projects that give Dubai the lead in the field of real estate at the global level, and strengthened its position at the forefront of global destinations as the best place to live, work and invest.
“The prospects for the real estate market in Dubai look very promising for the first half of 2023, and it will be a matter of time to see if next year will be able to break the records currently registered, as demand is expected to continue to grow, and prices still on the onward trajectory, which makes the Dubai real estate market a fertile environment for investments,” he concluded.
About “W Capital”:
“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
About Walid Al Zarooni:
Walid Al Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.
Al Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as " Instagram ",“ Snapchat " and “Twitter”, on which he is very active.