Dubai, UAE – Dubai real estate annual sales comprising 127,000 deals have exceeded Dhs400 billion ($109 billion) during the current year for the first time ever, based on data from the Dubai Land Department (DLD), the highest number recorded in the history of the market.
The momentum in the real estate market in the emirate will continue during the next year, according to Walid Al Zarooni, CEO of the W Capital.
The sector is also approaching the fourth year of successive price increases in the third market cycle. Demand is expected to continue to grow taking prices to new highs. This momentum is making the Dubai real estate market more attractive for investors of all nationalities around the world.
Al Zarooni said that these unprecedented sales embody the strength of growth, not only in the luxury real estate category, in which Dubai holds the global lead, but also in the medium-sized real estate sector and commercial and hospitality units.
Dubai, according to Al Zarooni, provides a legislative environment that takes into account the rights of all parties and maintains the discipline of citizens and foreigners alike. “The speed of litigation increases investors’ confidence and motivates them to pursue permanent residency,” Al Zarooni said. “This adds to applying the best practices and legislation within the real estate market, which regulates the processes of property ownership or off-plan sales, or rentals.”
The residential real estate markets, Al Zarooni said, may remain at the investors radar during 2024 considering the latest trends in the market. The real estate remains a destination for investors who want to obtain affordable investment opportunities with good long term investment returns.
Al Zarooni expected this trend to continue, with increased deal volumes, growth in demand for ready-to-go properties, continued supply constraints, and a high percentage of “cash” buyers and investors who are less sensitive to inflationary pressures and rising interest rates compared to mortgage-financed buyers.
