In 2023, Dubai real estate is set to break a record by surpassing $107 billion for the first time in history.
Dubai continues to attract investors seeking affordable opportunities with promising long-term returns.
The thriving Dubai real estate market is projected to achieve a historic milestone this year, with W Capital estimating the figure to reach AED 400 billion ($108.9 billion), based on data from the Dubai Land Department.
Currently, the market transaction value is AED 393 billion ($107 billion), marking the highest recorded number in the market’s history.
“There were more than 127,000 deals, and with a week remaining in the year, it is expected to exceed AED 400 billion,” stated Walid Al Zarooni, CEO of W Capital.
Following the growth in 2023, the unprecedented momentum is expected to continue into the next year.
Demand in the Dubai real estate market is anticipated to rise further, fueled by interest from international investors and the influx of high-net-worth individuals into the city.
Al Zarooni emphasized that the growth will extend beyond the luxury real estate category to include medium-sized, commercial, and hospitality properties.
He also provided insights into the current real estate landscape, affirming that the latest assessments project sustained investor interest in Dubai’s primary residential markets throughout 2024. The emirate remains an attractive destination for investors seeking affordable opportunities with promising long-term returns.
Anticipating a continued trend, Al Zarooni predicted increased deal volumes, heightened demand for ready-to-go properties, persistent supply constraints, and a notable presence of “cash” buyers. This trend is expected to withstand inflationary pressures and rising interest rates, particularly in comparison to mortgage-financed buyers.
The CEO attributed the positive outlook for the upcoming year to Dubai’s esteemed global standing, strategic location, streamlined procedures, tax exemptions, and various other motivating factors that make it an enticing hub for foreign real estate investment.
Publish Date: Wed 27 Dec 2023
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-to-break-107bn-record-in-2023-for-first-time-in-history
Discover Your Dream Luxury Property in Dubai with Smart Zones Luxury Properties: [email protected]
+971 529604444 / +971 43614555