The booming Dubai real estate market is expected to see record breaking numbers this year, W Capital projects the figure to reach AED400 billion ($108.9 billion) for the first time in history, based on data from Dubai Land Department.
Currently, the market transaction value stands at AED393 billion ($107 billion), the highest number recorded in the history of the market.
“There were more than 127,000 deals, and with a week before the end of the year, it is expected to exceed AED400 billion,” said Walid Al Zarooni, CEO of W Capital.
Following the growth in 2023, the unprecedented momentum is expected to continue into next year.
The Dubai real estate market demand is expected to continue to rise with interest from international investors and as high net-worth individuals continue to flock to the city.
Al Zarooni highlighted that the growth will be observed not only in the luxury real estate category but in the medium-sized, commercial and hospitality properties as well.
He also shared insights into the current real estate landscape, affirming that the latest assessments project continued investor interest in Dubai’s primary residential markets throughout 2024. The emirate remains an attractive destination for investors seeking affordable opportunities with promising long-term returns.
Anticipating a sustained trend, Al Zarooni predicted increased deal volumes, heightened demand for ready-to-go properties, persistent supply constraints, and a notable presence of “cash” buyers. This trend is expected to be resilient to inflationary pressures and rising interest rates, particularly in comparison to mortgage-financed buyers.
The CEO attributed the positive outlook for the upcoming year to Dubai’s esteemed global standing, strategic location, streamlined procedures, tax exemptions, and various other motivating factors that make it an enticing hub for foreign real estate investment.
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