- Sector will be driven by the acceleration of recovery, its best-ever start to the year
An exceptional summer season for the real estate sector in the Emirate of Dubai,is expected by real estate expert, Walid Al Zarooni, Chairman of “W Capital” real estate brokerage, compared to the same period of previous years, where demand was quite slow.
“The real estate sector will continue to record strong sales during the remainder of this year, supported by the continued momentum within the market and the strong incentives provided by the Dubai economy,” Al Zarooni said .
Dubai’s real estate market has its best ever performance this year, driven by rising domestic demand and greater inflows of international buyers, including Russians, according to real estate consultancy CBRE. Total transactions in the first quarter of this year amounted to 19.000.
The expert added that the expected improvement comes after the success of the “Expo 2020 Dubai” exhibition in promoting Dubai, as well as the facilities for residence and citizenship grants, which began to bear fruit and attract large segments of foreigners and businessmen.
The catalysts for the growth of demand to buy and own real estate units in Dubai include the expected improvement of the UAE economy during the current year thanks to the growth of the oil and non-oil sectors of the economy, whereas, other economies face the risks of deflation due to high levels of inflation and the problems due to the repercussions of the Russian-Ukrainian war.
He explained that the curve of real estate prices in Dubai took an upward trajectory since the first months of Covid-19 spreading, and then continued to rise, taking advantage of the successful government response to the pandemic.
Walid Al Zarooni stressed that the opportunity is still available for investment amid reasonable growth opportunities, compared to other investment assets that suffer from turmoil and risks of uncertainty.
Al Zarooni stated that real estate prices have already witnessed a remarkable increase since the beginning of the year, especially for prime apartments and villas, expecting the positive performance to continue as the economy benefits from the rise in oil prices.
He pointed out that Dubai real estate offers the best return on investments compared to regional countries, or even compared to the rest of the world. Dubai also provides a fertile environment for excellence in all areas.
He pointed out that this summer provides more favorable conditions that encourage liquidity inflow into the real estate market, with the growth of sales of villas and apartments.
The chairman expected that this year’s summer season will witness the tendency of clients, whether foreigners or residents, to acquire a housing unit close to the beaches and recreational areas for water sports, given the expected high temperature.