Dubai real estate witnessed a growth in planned sales during the first quarter of 2024 by 24%, reaching 44.52 Billion Dirhams, compared to 35.9 Billion Dirhams in the same period in 2023, according to monitoring by W Capital Real Estate Brokerage.
“W Capital” stated in the report, which was based on data from the Dubai Land Department, that the number of off-plan sales transactions increased by 27.48% on an annual basis, in the first quarter of this year, to about 20.54 thousand transactions, compared to 16.112 thousand transactions in the same quarter. From the previous year.
The Dubai Maritime City area topped off-plan sales in the first quarter of 2024, with about 4.24 Billion Dirhams, conducted through 2,159 transactions, then Business Bay, with sales of 3.85 Billion Dirhams, conducted through 1,448 transactions, and thirdly, the Jumeirah Village Circle area, with 2.66 Billion Dirhams, through 2,785 transactions. Deals, and fourth is the Palm Jumeirah area, with 2.3 Billion Dirhams, through 101 deals, and fifth is Zabeel I, with a value of 1.678 Billion Dirhams, through 512 deals, then Burj Khalifa, with a value of 1.597 Billion Dirhams, through 427 deals, followed by Dubai Marina, with a value of 1.336 Billion Dirhams, through 214 deals. .
In eighth place was Al Wasl Region, with a value of 1.29 Billion Dirhams, through 216 deals, then Dubai Harbor, with a value of 1.27 Billion Dirhams, through 215 deals, and tenth place was “Dubai Water Canal”, with a value of 1.198 Billion Dirhams, through 80 deals.
Commenting on this report, real estate expert Walid Al Zarouni, Chairman of the Board of Directors of W Capital Real Estate Brokerage, said that the boom in the real estate market and the strong support from all local and global economic factors contributed to recording historic real estate sales in terms of completed sales, or properties on the map, it will exceed 400 Billion Dirhams, and sales for the current year are likely to range between 450-500 Billion Dirhams.
Al-Zarouni added that the country is experiencing a new urban shift, in which it adopts strengthening infrastructure and urban expansion, to accommodate the future demand for housing in the next two decades, adding that the UAE opens its arms to everyone, and provides unprecedented facilities in terms of granting long-term residency, and facilitating foreigners’ ownership of projects. Completely new, with ambitious plans to become the number one preferred destination for living and working in the world.
Al Zarouni stated that the off-plan real estate market in Dubai recorded a noteworthy record, indicating the highest annual performance ever for the year 2023, as well as the first quarter of the current year.
Off-plan sales in Dubai increased in 2023 to 68,783 thousand transactions, from 43,151 thousand transactions in 2022, representing an increase of 59.4%, and recording the highest annual performance ever.
Walid Al-Zarouni stated that the off-plan sales activity comes in light of the preference of a group of buyers for this type of real estate investments, explaining that it provides many advantages, including options for payment plans for the required financial payments and installments, and long-term payment periods.