Dubai real estate records the highest-ever annual sales
- 02 Jan 2023
Picture used for illustration purpose. File
Inayat-ur-Rahman, Business Editor
Real estate sales grew by about 78.3% on an annual basis in terms of value, compared to about Dhs149b, and 62% in terms of the number of deals compared to 60.2 thousand deals in the past year, according to the study based on the data of the Dubai Land Department.
The 2022 sales achieved are in line with the expectations of the “W Capital” real estate brokerage , which suggested recording between Dhs260-270b at the very least, while the total sales recorded during the previous three years together amounted to Dhs295b.
December also witnessed the highest monthly value of real estate sales deals ever, exceeding Dhs26b, which is the second highest monthly sales ever, after the sector recorded sales of about Dhs30.8b last November as the highest value for one month in the history of the real estate market in Dubai.
“2022 is the best year as for performance of the real estate market in Dubai, as it witnessed breaking records time after time, recording a new annual level that has not been witnessed before, whether in terms of values or sizes, thus enabling the sector’s to continue its upward trajectory,” said Walid Al Zarooni, Chairman of “W Capital”.
Al Zarooni pointed out that the real estate sector in Dubai generally shows signs of positive and sustainable growth, as it succeeded in proving its flexibility, attractiveness, and ability to boost investor confidence, in spite of the exceptional circumstances. He added that real estate sales are now no less than one billion dirhams per day, which is a strong indication of the continuation of the exceptional momentum and performance that began in late 2021, and this is also strong evidence of the growing investment attractiveness of the sector.
He pointed out that the Dubai real estate market was able to attract large numbers of investors from all over the world, who found in the emirate and its real estate market the best infrastructure and the most stimulating environment for investment and guaranteeing the rights of investors, as well as many elements that help them achieve their various aspirations in the best possible way in the future. Dubai is the best place to live, work and invest alike.
He stressed that the real estate sector in Dubai continues to assert its position as a fundamental pillar of growth for all sectors and economic activities, thanks to the results that the sector showed during the year 2022.That was due to many factors, foremost of which are the wise directives of the wise leadership, and the economic stimulus packages provided by the Dubai government, along with the impact of “Dubai Expo 2020 “ during the first three months of the year, in addition to the number of major events such as Cityscape Dubai. That all is to be added to the sector’s flexibility and attractiveness , and the confidence and transparency that is evident to investors and various categories of dealers.
“This reflects the maturity of the market on the one hand, and its ability to continue to attract high-net-worth investors from all over the world on the other hand,” Al Zarooni said. “While many other global markets are facing a state of uncertainty” he concluded.
He stressed that the real estate market in Dubai is still receiving great support from the unlimited facilities and qualitative initiatives launched by the emirate’s government, represented by policies to support residents, new residency laws, residency visa for entrepreneurs and investors, in addition to the infrastructure that made Dubai a global leader in real estate.
“The prospects for the real estate market in Dubai look very promising in 2023, and it will be a matter of time to see if next year will be able to break the latest records , as demand is expected to continue to grow, and prices to rise,” Al Zarooni said.” That makes the Dubai real estate market a fertile ground for investment, with attractive investment opportunities and good returns, amid the difficulties in other major markets around the world that are still suffering from economic pressures since the Covid-19 pandemic,’ he added.