– Dubai become the world’s real estate hub and the first choice for the wealthy individuals
– Dubai’s real estate strong demand still exceed expectations Walid Al Zarooni
Dubai, United Arab Emirates
Sunday, August 4, 2024
W Capital Real Estate Brokerage reported that Dubai has become the world’s real estate hub in recent years, with high returns on investment and the security and secure environment, which has become the most positively influential element in light of the escalation of geopolitical tensions globally, and in light of the state of “uncertainty” surrounding the global economy.
The brokerage report confirmed that the Dubai real estate sector has made the difficult equation by maintaining the momentum of growth and record sales over the past years, amid an unprecedented strong demand that continues to exceed expectations.
The report indicated that real estate investments in the emirate has become a preferred choice for many wealthy people globally, reflected in surging sales of luxury real estate.
The study revealed that investors prefer Dubai due to what it provides in terms of security, while most capitals around the world suffer from security disintegration, and this is evident in the organization of major events and activities.
The report stressed that Dubai is a fertile environment for investment, thanks to the availability of many supporting factors locally and internationally has strengthened the position of the real estate market and encouraged many international companies and brands to launch projects from there.
“The real estate market in Dubai has taken an upward trajectory that exceeded all expectations since recovering from the covid-19 pandemic,” said Walid Al Zarooni, W Capital CEO.
He noted that DLD data showed that sales exceeded AED 1.16 trillion in 55 months (January 2020 to July 2024).Sales raised from AED 69.8 billion in 2020, to AED 149 billion in 2021, then to AED 265.5 billion in 2022, and finally AED 401 billion last year, reaching AED 283 billion in the first seven months of 2024.
Al Zarooni stressed that record and successive growth reflects the great maturity that Dubai real estate market reached, thanks to all supporting factors, starting with the rapid recovery from the effects of the pandemic, the recovery in the economic and tourism sectors, in addition to security and safety enjoyed by the emirate.
Al Zarooni said that “W Capital” previous report assessed strong demand from all nationalities around the world to buy Dubai real estate, led by Indians, Chinese, Lebanese, Canadians, French, Italians, Dutch, Pakistanis, and Turks. The list also included Egyptians, Americans, Saudis, Russians, and Iranians.
The CEO said that the real estate sector boom benefited from the UAE positive economic conditions in general and Dubai in particular. That was boosted by government steps aiming at encouraging business activities such as granting residency visas, the attractive tax system for establishing and launching new businesses, and cultural diversity, with the hosting of about 200 nationalities from all over the world. Al Zarooni pointed out that real estate sales in Dubai from January to July, grew by 30.3% to reach AED 283.11 billion, compared to AED 217.2 billion in the same period in 2023.
Total transactions in the Dubai real estate market from the beginning of 2024 until the end of July amounted to AED 415.55 billion, resulting from 123,250 deals.
The sector also recorded its highest monthly performance ever in terms of sales during July, totalling AED 50.78 billion, a growth of 35%, compared to about AED 37.6 billion recorded in July 2023, surpassing the previous record for a single month, November 2023, at AED 45.8 billion.
