Picture used for illustrative purposes only.
Inayat-ur-Rahman, Business Editor
Dubai real estate sales reached new highs during the first 5 months of this year, according to W Capital, the leading UAE real estate brokerage.
Sales touched Dhs90b, generated through 34,000 transactions, which means that it the highest sales value ever during that period, according to the latest data issued by the Dubai Land Department (DLD).
Walid Al Zarooni, Chairman of W Capital, said that the month of May 2022, recorded the highest total value of real estate sales deals in the Emirate of Dubai, with a value exceeding Dhs17b, stemming from 6,000 deals. That is the highest number ever for the month of May since 2009, i.e. 13 years ago, when it recorded Dhs19.7bn. May 2022 recorded an increase of about 55 percent on an annual basis compared to May 2021 where sales value exceeded Dhs11bn from 4,429 real estate deals.
Al Zarooni believes that 2022 is the beginning of a new phase of strong momentum by the real estate sector in the emirate, amid growth in demand driven by a number of positive factors.
He stressed that the sector is experiencing a wave of renewed momentum, and continues to break records in sales and transactions, while the strong performance was driven by the event of Dubai Expo through the six months ending in March 2022.
He stressed that the increasing demand is led by a large segment of foreigners and investors to buy luxury real estate. These buyers prefer to come to Dubai after the precautionary measures during the Covid-19 pandemic,and renewable investment opportunities and encouraging market returns compared to other markets, whether regionally or globally.
The chairman stated that the real estate sector in Dubai continues to confirm its position as a fundamental pillar of growth for all sectors and economic activities in the emirate, especially after the great success of the “ Dubai Expo 2020” which attracted about 24 million visitors. He pointed to the investment attractiveness that Dubai enjoys compared to competing markets, as it provides all options for investors from ready-to-sale to off-plan sales, mortgages, gifts and other features that have increased the attractiveness of the local market.