A survey conducted by “W Capital”, the leading real estate brokerage based in the Emirate of Dubai, showed that sales of the Dubai real estate sector since the beginning of the blessed month of Ramadan are the best in the history of the emirate, recording a value of Dhs25bn in 20 days only.
According to the survey based on the data of the Dubai Land Department, the sales value exceeds the sector’s record sales of Dhs17.3bn for the entire month of Ramadan 2022, an increase of 44%, while real estate transactions usually keep slow at this time in previous years.
Real estate expert Walid Al Zarooni, Chairman of “W Capital” said that the real estate sector in Dubai has maintained strong investment momentum since the pandemic , with renewed factors supporting the emirate’s economy.
Al Zarooni explained that the number of real estate deals in Dubai during the first twenty days of the current month of Ramadan reached a record of 7,207 deals, with total value of Dhs24.85bn, due to the great demand from foreign and local investors.
He pointed out to the unprecedented growth in real estate demand. As the first quarter of 2023 witnessed the best performance in terms of sales on a quarterly basis in the Dubai the real estate market history , breaking the numbers recorded in the fourth quarter of last year, topping a new level that it had not witnessed before, with a value exceeded Dhs87bn.
These unprecedented results contribute boosting the Dubai real estate sector to continue the upward trajectory.
Walid Al Zarooni stressed that the repose of the real estate market in Dubai is out of question this year, and that expectations indicate a continuation of brilliance and record levels.
“The market is witnessing the best performance since the beginning of 2023, as all factors are supportive, and there is confidence in government policies and the capabilities of Dubai’s economy recording good growth ratio,” he said
Al Zarooni stated that Ramadan was witnessing a seasonal period of inactivity within the real estate sector before 2022, but real estate developers were able to turn this quietness into a period of recovery.
Al Zarooni revealed that Dubai is currently the preferred real estate destination for everyone. Thanks to its attractive legislative environment, the positive impact of the golden visa amendments, its modern infrastructure , roads and airports, which connects Dubai to all destinations, its luxurious commercial centers, and other factors that have enhanced the status of real estate, especially the luxury ones.
Al Zarooni pointed out that the escalation of geopolitical risks around the world promotes investment in safe havens, especially real estate, and Dubai real estate stands out as the best available options for living, working and investing at the same time.
The CEO believes that the investors’ confidence in Dubai real estate continues, and it still has a lot to offer to investors, including attractive investment opportunities and good returns, amid the suffering of other major markets around the world, which are still suffering from economic pressures since the Covid-19 pandemic.
Further recovery in real estate sales is expected with the increasing demand of foreign investors, while Dubai has become a growing destination as a leading global center for business and tourism, capable of meeting all the requirements of customers. The competitive prices compared to other destinations in the region and around the world make another factor, in addition to the fact that the emirate will remain the dream land for many from different nationalities around the world in the future.
* Facts and numbers:
Dubai real estate sales in Ramadan during the past five years
|The year||Sales value(Dhsbn)|
Source: Dubai Land Department data