Dubai’s real estate market is sizzling with a whopping $27.8 billion in sales during the summer of 2023. This is a significant increase of 50 percent compared to last year’s summer sales, which stood at $18.5 billion. The number of transactions also saw a substantial rise, jumping by 30 percent to reach 33,600 transactions this summer, up from 25,677 during the same period last year.
W Capital’s CEO, Walid Al Zarooni, expressed his satisfaction with these results, stating that the market had witnessed its most successful summer season ever in terms of sales. The market’s success can be attributed to the attractive opportunities it offered, enticing both investors and buyers to invest in the real estate sector. There was a notable surge in sales of ready-made villas and apartments, particularly those located near beaches and water sports facilities due to the hot summer weather.
The market also displayed remarkable momentum in launching new and innovative projects, catering to diverse customer preferences in terms of area, location, and quality. Al Zarooni emphasized that Dubai remains an excellent destination for real estate investment, outperforming many global real estate markets and providing higher returns for investors, all while maintaining stability amid global economic uncertainties.
Furthermore, Dubai’s real estate market benefits from strong demand from wealthy individuals worldwide, solidifying its position and attracting more investments. The influx of high-net-worth individuals to Dubai, drawn by its status as a global hub for living, working, and tourism, continues to support the market’s recovery.
In contrast to many parts of the world where real estate values have declined due to rising interest rates and economic uncertainty, Dubai’s real estate market continues to thrive, enjoying a prolonged period of growth and prosperity.
Publish Date: September 26, 2023
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-sector-heats-up-with-27-8bn-of-sales-in-summer-2023