W Capital expects that the real estate market in Dubai will witness a record sales season in the summer of 2024, benefiting from continued incentives supporting demand.
W Capital stated in a report that real estate sales in the current summer season may rise by 15-20% to reach more than 120 billion dirhams in the summer of 2024, compared to sales worth 102 billion dirhams in the summer of 2023, and nearly double the sales in the summer of 2022. Which amounted to about 68 billion dirhams.
W Capital expects that the real estate market will continue its strong performance while reaping the fruits of Dubai’s global leadership, after recording historical sales exceeding 400 billion dirhams in the year 2023, and it is likely that sales this year will range between 450 billion to 500 billion dirhams.
The market witnessed record sales in the first five months of 2024, evidence of the state of the market, after it achieved a jump of 25.4% to reach 186.87 billion dirhams, compared to 148.96 billion dirhams in the same period in 2023. It reported that the market witnessed the implementation of 65,890 sales transactions during the period from January to May 2024, compared to 50,592 sales transactions in the same period last year, a growth of 30.2%, according to the Land Department.
The real estate sector in Dubai recorded its highest monthly performance ever in terms of sales during May, after recording a value of 45.79 billion dirhams, a growth of 35.3% compared to about 33.84 billion dirhams recorded in May 2023, and exceeding the previous record for one month last November by a value 42 billion dirhams.
Walid Al Zarouni, Chairman of W Capital Real Estate Brokerage, said that sales of the real estate sector in Dubai are trending to record levels during the summer season, adding that the market has witnessed a state of maturity in recent years, so each summer season witnesses higher sales than the year before.
He explained that the summer of 2024 will enjoy more favorable conditions that encourage the injection of liquidity into the real estate market, with clients, whether foreigners or residents, tending to acquire a residential unit close to beaches and recreational areas for water sports, due to the intense summer heat.
Walid Al Zarouni revealed an increase in the number of real estate projects offered during the current year, amid a strong desire from real estate developers to seize a share of the large demand within the market. He stressed that the opportunity is still ripe for real estate investment in Dubai, which currently outperforms the largest real estate markets, and offers more gains than others for investors, amid strong growth prospects that are better than many other investment assets that suffer from turmoil and risks of uncertainty. Dubai real estate is still offers the best returns compared to countries in the region, or even compared to other countries.