Dubai real estate sales reach new records in July

The value of monthly sales during July 2022 recorded an increase of about 44% on an annual basis compared to July 2021, which exceeded Dhs11bn, resulted from 4,414 real estate deals…reports Asian Lite News

“W Capital Real Estate Brokerage” report assessed the strong momentum and exceptional performance of the real estate market in the Emirate of Dubai, in the first seven months of 2022, exceeding Dhs130bn,with 48.000 transactions, thus making the largest sales value ever during that period, according to the latest data issued by the DLD.

The value of real estate units sold in Dubai for the period from January 1 to July 31 of each year exceeds Dhs100bn for the second time .The first time was in July 2009 when real estate sales recorded a value of about Dhs103bn.

The month of July 2022 ,also recorded the highest total value of real estate sales deals in the Emirate of Dubai, with a value of more than Dhs16bn, a result of about 5,359 deals, which is the highest value ever for the month of July, followed by monthly sales of Dhs15.4bn in 2009.

The value of monthly sales during July 2022 recorded an increase of about 44% on an annual basis compared to July 2021, which exceeded Dhs11bn, resulted from 4,414 real estate deals.

Walid Al Zarooni, Chairman of W Capital, said that the real estate sector in Dubai continues to break records in terms of sales and transactions time after time, which is a strong indication of the continued momentum and exceptional performance that started since late last year, and a strong evidence of Dubai real estate market attracting more investments.

Al Zarooni said that the real estate market has recorded unprecedented performance since the beginning of this year, amid record growth in demand driven by a number of positive factors. The expert’s expectations for positive indicators to continue so as to achieve steady growth in real estate sales to exceed Dhs230bn by the end of the year.

Walid Al Zarooni pointed out that this strong performance of the real estate market in recent months is due to foreign investors in light of the increasing demand, the high real estate prices and the high return on investment by a large percentage that encouraged the influx of foreign individuals to buy thanks to the stimulating measures, unlimited support and quality initiatives launched by the Dubai government recently. These included the policies supporting expatriates, the new residency rules, and the residence of entrepreneurs and investors, which contributed to strengthening Dubai’s position at the forefront of global destinations as the best place to live, work and invest.

Al Zarooni pointed out that the Dubai Expo 2020, event ending late March, had the greatest impact in promoting the good investment and residence in Dubai and increased the demand for buying real estate units.

He revealed that the real estate market in Dubai has witnessed a radical change, especially in the past few years that witnessed a remarkable shift in investments, as attracted foreign investors and capitals after it was focused on local investors. There was significant increase in the sale of luxury and distinctive properties in conjunction with the increase in the investments of owners wealth, high income, thanks to the presence of advanced infrastructure along with a distinguished lifestyle that includes the best hotels and restaurants in the world and the exceptional amenities Dubai offers, which made it the best destination for work, live and invest.

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