AED120bln Dubai real estate expected sales in summer 2024
Every summer season witnesses higher real estate sales than the previous one
Press Release
Summer 2024 embrace for more investments to be injected in the real estate sector, Walid Al Zarooni
Dubai, United Arab Emirates: W Capital, the Dubai leading real estate brokerage, expects record sales season in the summer of 2024 in Dubai real estate market, thanks to ever-lasting incentives supporting demand.
W Capital stated in their latest report that real estate sales in the current summer season is to rise by 15-20% exceeding AED120bn, compared to AED 102bn in the same season of 2023, and nearly double the sales in the summer of 2022,which reached to about AED68bn
The brokerage expects that the real estate market will continue strong performance while reaping the fruits of Dubai’s global leadership, after recording historical sales exceeding AED400bn in 2023, and it is likely that sales this year will range between AED450bn and 500bn.
The market achieved record sales in the first five months of 2024, after it achieved a jump of 25.4% to reach AED186.87bn, compared to AED148.96bn in the same period in 2023.
The company noticed that there were 65,890 sales transactions from January to May 2024, compared to 50,592 sales transactions in the same period last year, a growth of 30.2%, according data from the Dubai Land Department DLD.
The Dubai real estate sector recorded the highest monthly performance ever in terms of sales during May, with a value of AED45.79bn, a growth of 35.3% compared to about AED33.84bn in May 2023, and exceeding the latest record number of last November at AED42bn.
“Dubai real estate sector sales are heading to unprecedented levels during the summer season,” said Walid Al Zarooni W Capital CEO. “The market has reached maturity in recent years, so every summer season records higher sales than the one before,” he added.
He noted that this summer embrace for more favorable conditions that encourage the injection of liquidity into the real estate market, with clients, foreigners and residents, tend to acquire a residential unit close to beaches and recreational areas for water sports, due to the intense summer heat.
Walid Al Zarooni revealed an increase in the number of real estate projects offered during the current year, amid a strong desire from real estate developers to seize a bite of the high demand cake.
The CEO stressed that the opportunity is still ripe for real estate investments in Dubai, which currently outperforms the largest real estate markets, and offers more gains for investors, amid strong growth prospects that are better than many other investment assets that suffer from turmoil and risks of uncertainty.
Dubai real estate is stable and robust offering the best returns on investments compared to regional and some global markets.
About “W Capital”:
“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
About Walid Al Zarooni:
Walid Al Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.
Al Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as ” Instagram “,“ Snapchat ” and “Twitter”, on which he is very active.