*Demand is exceeding supply,imbalance the market.
*The real estate sector reached maturitywhich support growth to break unprecedented records.
Dubai, United Arab Emirates
Sunday, July 28, 2024
A report issued by “W Capital”, the leading company in the real estate brokerage sector in Dubai, expects handing off more than 30,000 residential units in the Dubai real estate market from July to December 2024.Developers accelerateunder development projects to catch up.
“W Capital” latest studyabout Dubai real estate market prospects for H2 2024, expected handing offDubai real estate projects to rise in the second half of the year frommore than 17,000 units. The whole year numbers will raise to approximately 48,000units, in line with expectations regarding new deliveries.
The report indicated that the market is still in a state of imbalance with demand exceeding supply, while estimates indicate that balance will be achieved in the coming few years.
The report noted that next year hand offs may exceed 65,000 units, to reach 70,000 units in 2026.
“The Dubai market provedsolidarity again during 2024 through record sales numbers, and new deliveries that met expectations in the first half of the year,” saidWalid Al Zarooni, W Capital CEO.
“The market has reached a state of maturity that has contributed to supporting growth and breaking unprecedented limits. It seems that that trend will continue and the pace of rise will not slow down soon,” he added.
The CEO stressed that the real estate sector in Dubai continues unprecedented state of prosperity and growth with investor confidence boosted by a number of real estate developers launching huge projects throughout the emirate.
He pointed out that the off-plan real estate sector in Dubai maintains the momentum of the real estate market, as investors prefer to buy off-plan properties instead of ready-made real estate projects, to benefit from investment returns in such properties, which can reach 10% based on the location, quality of construction and existing facilities.
Al Zarooniconfirmed that Dubai is witnessing an unprecedented real estate boom amidst a wide turnout from foreigners wishing to benefit from the advantages of safe investment in various sectors, especially the real estate sector, and on the other hand, obtaining residency in exchange for owning a property according to the requirements approved by the Dubai government.
He noted that the growth track of the Dubai real estate market during H1 2024 is amazing, expecting this performance to continue in the second half of the year.
The CEO added that demand remains unprecedented, driven by the emirate’s attractiveness to new residents, investors and individuals looking for a property as it is home to the most luxurious and sought-after properties in the world, while offering higher rental returns than many other global real estate markets.
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“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
About Walid Al Zarooni:
Walid Al Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.
Al Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as ” Instagram “,“ Snapchat ” and “Twitter”, on which he is very active