An economic report confirmed that the real estate sector in Dubai has achieved the difficult equation by maintaining the growth momentum and record sales over the past years, amidst an unprecedented strong demand that continues to exceed expectations.
The report indicated that real estate investment in the emirate has become a preferred choice for many global wealthy individuals, and this is reflected in the rise in luxury real estate sales.
The report said that Dubai has become the real estate capital of the world in recent years, with high returns on investment and the provision of “security and safety”, which has become the most positively influential element in light of global geopolitical tensions, and in light of the state of “uncertainty” surrounding the global economy.
The report, issued yesterday by “W Capital” Real Estate Brokerage, stated that the real estate sector in Dubai has achieved the difficult equation by maintaining the growth momentum and record sales over the past years, amidst an unprecedented strong demand that continues to exceed expectations.
The total transactions in the Dubai real estate market from the beginning of 2024 until the end of July recorded 415.55 billion dirhams, resulting from 123,250 procedures.
The sector also recorded its highest monthly performance ever in terms of sales during July, after recording a value of 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, last November, at AED 45.8 billion.
The report indicated that real estate investment in the emirate has become a preferred choice for many global wealthy individuals, and this is reflected in the rise in luxury property sales.
The report revealed that investors prefer Dubai due to what it provides in terms of security.
The report stressed that Dubai is a fertile environment for investment and the occurrence of many supporting factors locally and internationally has strengthened the position of the real estate market.
Commenting on the report, Walid Al Zarouni, Chairman of W Capital Real Estate Brokerage, said that the real estate market in Dubai has taken an upward path that exceeded all expectations since recovering from the Corona pandemic, recording sales exceeding AED 1.16 trillion in 55 months (January 2020 to July 2024), rising 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, and AED 283 billion in the first seven months of 2024, based on data from the Dubai Land Department.