Dubai’s real estate sales are expected to reach $82 billion this year
According to a prominent real estate executive, the Dubai real estate sector is projected to achieve sales worth AED300 billion ($82 billion) in the current year.
According to the latest statistics, Walid Al Zarooni, CEO of W Capital, predicts that Dubai’s real estate industry is set to achieve a significant milestone in 2023. Sales in the sector are expected to approach or even exceed the impressive AED300 billion mark.
Notably, the Dubai Land Department has reported that since the beginning of the year, sales have already surpassed AED120 billion, with over 41,000 sales deals recorded—a record-breaking figure for this period. The real estate market in Dubai continues to demonstrate its strength and resilience.
In reference to the real estate market, Walid Al Zarooni commented on the enduring momentum and the potential for surpassing last year’s achievements, fueled by the interest of affluent individuals worldwide.
Al Zarooni revealed that Dubai’s total real estate sales in 2022 experienced an impressive surge of 78.3 percent, reaching AED265.6 billion ($72 billion). With over 97,000 transactions recorded, it marked the most financially prosperous year in the history of Dubai’s real estate market.
Walid Al Zarooni highlighted that significant transactions, exceeding AED1 million and occasionally reaching AED1 billion, occur on a daily basis. Many new projects are swiftly sold off-plan within 24 hours or a maximum of two weeks.
Al Zarooni noted a trend where large investors are purchasing entire floors with the intention of reselling them individually. This trend has attracted new participants, increased investment momentum, and aided the market’s recovery.
The CEO emphasized that the volume of real estate transactions has reached AED1 billion per day, indicating the industry’s growing appeal to investors, its strong momentum, and remarkable success since late 2021.
Al Zarooni stressed that Dubai offers an exceptional environment for living, working, and investing concurrently. Evidence of this can be seen in the lucrative returns on real estate investments in Dubai, with some cases yielding over 100% gains since the onset of the pandemic in 2020.
According to Al Zarooni, the procedures and regulations in Dubai have streamlined business operations, facilitated investments, simplified residency visas, and fostered economic growth. The real estate market is currently witnessing substantial demand, which is expected to continue for the foreseeable future, increasing the potential for price appreciation and delivering greater rewards to investors.
Al Zarooni acknowledged that various factors, including national and international economic forecasts, influence the outlook for real estate sales in the coming year. Nevertheless, he emphasized Dubai’s sustained economic growth, urban expansion, and social engagement, which position the city for long-term high demand in the real estate market despite predicted changes in the global economy.