Dubai real estate sales reached new highs during the first 5 months of this year according to “W Capital”, the leading UAE real estate brokerage.
Sales touched Dhs90bn, generated through 34,000 transactions, which means that it the highest sales value ever during that period, according to the latest data issued by the Dubai Land Department (DLD).
Walid Al Zarooni, Chairman of W Capital, said that the month of May 2022, recorded the highest total value of real estate sales deals in the Emirate of Dubai, with a value exceeding Dhs17bn, stemming from 6,000 deals. That is the highest number ever for the month of May since 2009, i.e. 13 years ago, when it recorded Dhs19.7bn.
May 2022 recorded an increase of about 55 percent on an annual basis compared to May 2021 , where sales value exceeded Dhs11bn from 4,429 real estate deals.
Al Zarooni believes that 2022 is the beginning of a new phase of strong momentum by the real estate sector in the emirate, amid growth in demand driven by a number of positive factors.
He stressed that the sector is experiencing a wave of renewed momentum, and continues to break records in sales and transactions, while the strong performance was driven by the event of Dubai Expo through the six months ending in March 2022.
He stressed that the increasing demand is led by a large segment of foreigners and investors to buy luxury real estate. These buyers prefer to come to Dubai after the precautionary measures during the Covid-19 pandemic,and renewable investment opportunities and encouraging market returns compared to other markets, whether regionally or globally.
The chairman stated that the real estate sector in Dubai continues to confirm its position as a fundamental pillar of growth for all sectors and economic activities in the emirate, especially after the great success of the ” Dubai Expo 2020″ which attracted about 24 million visitors.
He pointed to the investment attractiveness that Dubai enjoys compared to competing markets, as it provides all options for investors from ready-to-sale to off-plan sales, mortgages, gifts and other features that have increased the attractiveness of the local market.
He believes that the high demand for off-plan sales is motivating large numbers of tenants to move towards ownership and purchase, making their first choice in the projects under implementation or new in light of the developers’ incentives.
He revealed that Dubai provides all options for investors from ready to selling off -plan, mortgages, endowments and other features that support the attractiveness of the market.
He stressed that despite the significant rise in prices, there is still an opportunity to acquire a property for the purpose of investing and getting good returns, as the sector benefits from the growth of GDP during the current year thanks to the growth of the UAE non-oil sectors of economy, in addition to the remarkable recovery of the oil economy in regional states.