A new semi-annual sales record for Dubai real estate

Exceeding Dhs178.3bn

A new semi-annual sales record for Dubai real estate

*June sales make the 4th highest monthly sales, despite the Eid holiday

Dubai, United Arab Emirates: Tuesday, June 27, 2023

A new “W Capital” analysis showed persistent strength of demand within the Dubai real estate market, proved by exceptional performance recorded and the highest levels of real estate sales in the first half of 2023.That was reflected in 61,000 sales deals with total value topping Dhs179.34bn, which is the highest ever semi-annual numbers.

“The real estate sector continues to break records in terms of sales and transactions,” said Walid Al Zarooni, “W Capital “Real Estate Brokerage CEO.

“The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum,” he added.

Al Zarooni explained that the growth rate in terms of sales value amounted to 57% on an annual basis during the first six months of 2023, compared to Dhs114.5bn in the previous year, and in terms of the number of deals by about 42%, compared to 42,971 deals last year.

 “During June 2023, the real estate market in Dubai maintains a continuous state of momentum started in 2021, with 10,405 real estate sales deals with total value of Dhs30.3bn, which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of Dhs22.92bn,” he continued.

Al Zarooni said that despite the blessed Eid Al-Adha holiday, which lasts for four days, the value of real estate transactions during the current month will be the fourth highest  on monthly basis in , after the months of last March,  last May and  last November, with  values of Dhs34.1, 33.9 and 30.8bn, respectively.

Walid Al Zarooni said that Dubai provides a legislative environment that takes into account the rights of all parties, and maintains the discipline of citizens and foreigners alike. Besides the speed of litigation, which increases investor confidence and motivates them to permanent residence, in addition to applying best practices and legislation within the real estate market, which regulates real estate ownership, off-plan sales, or rentals.

Al Zarooni stated that Dubai has the best infrastructure in the world in all sectors, added to keenness to adopting the best technologies and constantly modernize the infrastructure. This boosts the development and growth of Dubai’s economy.

He revealed that the world comes to Dubai throughout the year, with economic and entertainment activities in mind, that impress everyone. This is one of the incentives to come and live, while applying the equation by providing good investment opportunities and achieving high returns on this investment, in addition to enjoying the continuous entertainment activities and attractive tourist attractions within Dubai.

The CEO expected all factors would be pushing record sales, and it might exceed the barrier of Dhs300bn for the first time in 2023, with the support of the unprecedented demand from foreigners, businessmen and wealthy people of various nationalities to own a property in Dubai.

Walid Al Zarooni suggested that the high levels of demand in the residential real estate market will continue to be high on the part of real estate buyers and investors, especially foreigners, thanks to the stimulating measures taken by the emirate and also with the launch of new mega projects, which will attract more investors.

H1 sales since 2000

Source: DLD data

June sales since 2000

Source: DLD data

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.