Dubai real estate sales reached AED100bn ($27.2bn) in record time this year, according to W Capital brokerage.
W Capital said the landmark achievement was reached on March 4 this year.
At just 44 working days this is the fastest the market has seen this level of sales, after hitting the AED100bn mark on March 22, 2024, last year, according to Land Department data.
Dubai real estate sales
The same value was achieved on April 11 in 2023.
Walid Al Zarooni, W Capital CEO, said: “The succession of these record numbers confirms beyond doubt that the real estate sales boom in Dubai is ongoing and will not subside in the near future, which will make 2025 a new historic year for the real estate market in the emirate”.
Al Zarooni stated that sales in the first two months of the year recorded AED94.8bn ($25.8bn), resulting from more than 30,000 transactions, an increase of 32 per cent year-on-year, according to data from DLD.
The real estate market transactions during the same period amounted to about AED127.4bn ($34.7bn).
Walid Al Zarooni expected that real estate sales during Ramadan this year would be record-breaking, noting that they recorded more than AED36bn ($9.8bn) last year, and about AED30bn ($8.2bn) in Ramadan the year before.
He confirmed that prospects of growth this year will be based on the momentum that has continued since 2020, in light of the market benefiting from the economic recovery and the success of plans to attract foreign investors and provide residency facilities.
Walid Al Zarooni added that there are many internal factors that have contributed to enhancing this growth, most notably the political, security, and economic stability enjoyed by the UAE, which has provided great support for the ongoing activity in the real estate market.
Al Zarooni explained that the Dubai real estate market continues to achieve sustainable growth, competes with the largest global markets, and even outperforms them in some aspects.
He pointed out that Dubai has become the first and preferred real estate market for many wealthy people and investors in the region and the world.
Al Zarooni said: “Dubai has managed to achieve the difficult equation of providing an ideal environment for work, investment and living at the same time. This diversity in the economic environment reflects the availability of good investment opportunities, in addition to legislation that guarantees the rights of all, which enhances investors’ confidence in the local economy.
“Moreover, the state-of –the-art infrastructure, security and safety have contributed to enhancing the attractiveness of the real estate market”.
Source: Arabian Business
