The Dubai real estate sector recorded AED102bn ($27.8bn) of sales this summer, according to data released by W Capital.
The real estate brokerage said the value of sales this summer was 50 per cent higher than the summer season of last year, which amounted to AED68bn ($18.5bn).
The number of transactions also increased by 30 per cent to 33,600 transactions this summer, compared to 25,677 transactions for the same period last year.
Dubai real estate summer sales soar
Walid Al Zarooni, W Capital CEO, said: “The summer sales results were in line with all expectations, with the promising market recording the best summer season in its history in terms of sales value”.
Al Zarooni revealed that the market succeeded in providing more attractive opportunities and big chunks of gains that encouraged investors and buyers to pump liquidity into the real estate sector, noting that sales of ready-made villas and apartments recorded remarkable growth with the tendency towards acquiring residential units close to beaches and recreational places for water sports, due to the high summer temperature.
He pointed out the market showed great momentum in launching new and innovative projects from the largest to the smallest real estate developers, in which the options have varied in terms of area, location and quality, which is consistent with the desires of customers.
Walid Al Zarooni stressed that the opportunity is still ripe for real estate investment in Dubai, which currently outperforms the global largest real estate markets, and offers more returns for investors, amid strong growth prospects that are better than many other investment assets that suffer from turmoil and risks of uncertainty.
The head of W Capital believes that the strong investment demand and the purchase of Dubai real estate by wealthy people from all over the world strengthens the market position and increases the attractiveness of injecting more investments into the real estate sector in particular and the Dubai economy as a whole.
Al Zarooni explained that the recovery came with direct support from the continued large increase in the number of people coming to Dubai with high financial net worth, and the increasing attractiveness of the emirate as a global destination for living, working and tourism.
The Dubai real estate market boom is lasting long, contrary to the prevailing trend in many parts of the world where values decreased amid rising interest rates and a bleak global growth outlook.
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