JobXDubai

The Dubai real estate sector is on the cusp of a record-breaking summer, with investors ready to splurge almost $33bn on properties, according to W Capital’s forecast. This marks a 15-20% increase compared to the same period last year, with sales expected to exceed AED120bn ($32.7bn).

The current summer season is expected to see sales nearly double the summer 2022 total, which reached about AED68bn ($18.5bn). The brokerage attributes this growth to Dubai’s global leadership and the real estate market’s strong performance, which has already seen record sales exceeding AED400bn ($109bn) in 2023.

In the first five months of 2024, the market achieved a jump of 25.4% to reach AED186.87bn ($50.9bn), compared to AED148.96bn ($40.6bn) in the same period in 2023. The number of sales transactions also increased by 30.2% to 65,890, compared to 50,592 in the same period last year, according to data from the Dubai Land Department (DLD).

The sector recorded its highest monthly performance ever in May, with a value of AED45.79bn ($12.5bn), a growth of 35.3% compared to May 2023. This surge in sales is driven by favorable market conditions, with clients, foreigners, and residents seeking to acquire residential units close to beaches and recreational areas.

W Capital’s CEO, Walid Al Zarooni, notes that this summer offers ideal conditions for real estate investments in Dubai, which currently outperforms the largest real estate markets and offers more gains for investors. With a strong desire from real estate developers to seize a bite of the high-demand cake, the opportunity for real estate investments in Dubai has never been more ripe.

Stay ahead of the game and invest in Dubai’s thriving real estate market, where stability and robust growth prospects await.