Record breaking year so far for Dubai property points to health of market sector, says real estate firm boss.
The Dubai real estate market has entered a new era of strong and sustainable growth, which is the best in history, according to W Capital.
The real estate company said the sector is experiencing record levels of property sales in terms of volume and value.
Following a seven-month period with more than $60bn in sales the property market is more robust than ever, said the W Capital boss.
Dubai real estate market
Walid Al Zarooni, CEO of W Capital, said: “The real estate market in Dubai continues to achieve outstanding historical performance and sustainable growth, with record numbers month after month in line with expanding investors’ choices and options to invest in the real estate market.
“That coincides with increasing transparency all over this vital sector in a way that contributes to strengthening the emirate’s global position as one of the most important destinations for real estate investment”.
Al Zarooni pointed out that the market sales exceeded AED217bn ($60bn) in the first seven months of the year, which is the largest historical value for this period.
Sales grow every month to new records, which reflects that the market still provides attractive opportunities for investment, as well as a favourable environment to live and work together.
Al Zarooni stressed that the real estate sector in Dubai generally shows signs of sustainable growth, as it succeeded in proving flexibility, attractiveness, and ability to deepen investor’s confidence, at a time of exceptional economic and geopolitical circumstances.
He added that the average value of real estate sales recently rose to AED1.5bn per day, compared to AED1bn at the beginning of the current year.
He said this is strong evidence of the continuation of the exceptional momentum and performance that began in late 2021, and is further evidence of the attractiveness towards investment in the sector.
Al Zarooni revealed that demand for Dubai real estate was exceptional in the past two years, thanks to the vitality of the emirate’s economy and the influx of wealthy people from all over the world.
This recovery contributed to the rise in the return on real estate investment in Dubai to nine per cent.
The CEO confirmed that the market reliance on the end user of the real estate unit, make the most important features of the real estate sector in Dubai at the moment, adding to the influx of wealthy people and companies into the real estate market, which constituted a major source of demand.
He expects the continuation of the real estate boom in Dubai during the years to come, in light of the indicators of the continuation of renewable pillars of economic activities as a whole.
Al Zarooni highlighted that Dubai infrastructure is of the best standards in the world in all sectors, noting to the keenness to harness the best technologies and constantly modernize the infrastructure, so as to keep pace with the development and growth of Dubai’s economy.
Walid Al Zarooni said Dubai provides a legislative environment that takes into account the rights of all parties, and maintains the discipline of citizens and foreigners alike without discrimination, as well as the speed of litigation.
This increases investors’ confidence and motivates them to reside permanently, in addition to applying best practices and legislation within the real estate market, which regulate real estate ownership, off-plan sales, or leases.
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