Photo used for illustrative purpose.
Inayat-ur-Rahman, Business Editor
The Dubai real estate market would record unprecedented sales exceeding Dhs230 billion by the end of 2022, to be the highest ever after topping Dhs200b for the first time, compared to Dhs150b last year.
This was revealed by Walid Al Zarooni a leading real estate expert and Chairman of the Dubai-based real estate brokerage W Capital to the media recently in Dubai.
Al Zarooni said that the continuation of the exceptional performance is expected during the second half of this year thanks to the best H1 sales results ever, exceeding Dhs114.2b.
He explained that real estate sales in Dubai continue to break records, month after month, not limited to the first half of July sales reaching more than Dhs11bn, equivalent to the total sales for the same month last year, and to two and a half times the sales of July from 2020 .This is clear indication of the continuation of record sales in the sector during the remainder of the current year.
The Chairman stressed that the real estate activity will be driven by 6 main supportive factors that will enable the market to break new records in all types of real estate transactions.
Al Zarooni stated that the recovery of the UAE economy is the main driver of the real estate sector expansion, and its breakthroughs in all aspects, whether the volume of sales or attracting foreign investors, benefiting developers and improving the performance of real estate brokers.
He pointed out that this growth is achieved despite the expectations of a global economic recession for the major advanced economies and the majority of emerging markets, but the resilience of the UAE in general and Dubai in particular, is sure thanks to the growth of the oil and non-oil sectors, which is positively reflected on real estate sales.
Al Zarooni said that the real estate sector is also recovering thanks to political stability and high levels of security and safety, which represents a real added value to the real estate sector in Dubai and the UAE as a whole, compared to other global real estate markets that lack security ,stability or economic growth. These factors are at the forefront of investors’ priorities boosting the capitalists’ confidence of various nationalities.