Dubai’s real estate market is witnessing record sales during the current summer amid strong global interest. Real estate expert Hussein Al Marsoumi said that Dubai real estate sales in the first months of the summer season since the beginning of June 21 until now this year amounted to about 60 billion dirhams resulting from about 19 thousand deals.
Al Marsoumi expected that real estate sales in Dubai would range between 125-130 billion dirhams during the summer season as a whole, with customers, citizens, foreigners and residents, preferring to purchase a residential unit close to beaches and recreational areas for water games, due to the summer heat.
He revealed that Dubai real estate is witnessing a great demand from foreigners for luxury properties, with nationalities from Asia, Europe and North America prominent, and this shows the great confidence that the emirate enjoys among international investors.
Al Marsoumi stressed that the real estate market in Dubai achieved positive growth in the first half of this year, adding to the record records achieved in the last 4 years.
He pointed out that the huge leap in the real estate sector came with the support of the increase in population, the influx of investors and residents, and the growth of the tourism and hotel sector, in addition to the supportive government policies that facilitated visa procedures in the UAE for investors and job and residence seekers, which prompted many real estate developers to launch multiple projects, according to high-quality standards that are consistent with the best international specifications, especially in areas with distinguished infrastructure, which provide advanced services.
Al Marsoumi said that real estate prices in Dubai are still lower than competing real estate markets around the world such as New York, London and Tokyo, as the emirate offers properties of the same quality at lower prices.
He stated that the strong demand contributed to the growth of real estate prices by more than 20% on an annual basis during the current June, expecting the upward trend of the real estate market in Dubai to continue during the second half of the year.
He pointed out that real estate developers are competing to launch more projects to meet the high demand in the market, in addition to the arrival of new foreign developers to seize attractive investment opportunities in the market.