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Real estate sector records sales of $27.8 billion in summer 2023

Dubai’s real estate sector recorded a turnover of AED 102 billion ($27.8 billion) in the summer of this year, according to data published by W Capital.

The real estate brokerage firm said that sales this summer were 50 percent higher than last year’s summer season, which amounted to AED 68 billion ($18.5 billion).

The number of transactions also rose by 30 percent to 33,600 transactions this summer, compared to 25,677 transactions in the same period last year.

Walid Al Zarooni, CEO of W Capital, said: “The summer sales results were in line with all expectations, with the promising market recording the best summer season in its history in terms of sales.”

Al Zarooni revealed that the market successfully offered more attractive opportunities and great profit possibilities that encouraged investors and buyers to invest liquidity in the real estate sector. He pointed out that the sale of ready-to-occupy villas and apartments recorded a remarkable growth, with a tendency to purchase apartments near the beach and leisure facilities for water sports activities, due to the high summer temperatures.

He emphasized that the market showed great momentum in launching new and innovative projects from the largest to the smallest real estate developers. The options in terms of space, location and quality have developed in a variety of ways, in line with customers’ wishes. Walid Al Zarooni emphasized that the opportunity for real estate investment in Dubai is still favorable and currently outperforms the world’s largest real estate markets. It offers investors better returns, despite the strong growth prospects, which are better than many other assets suffering from turbulence and uncertainty risks.

The head of W Capital believes that the strong demand for investment and the purchase of real estate in Dubai by wealthy people from all over the world strengthens the market position and increases the attractiveness for further investment in the real estate sector in Dubai and the city’s economy as a whole.

Al Zarooni explained that the recovery was driven by the continued high growth of people with high net financial assets in Dubai and the emirate’s increasing attractiveness as a global destination for living, working and tourism. The real estate market in Dubai continues to boom, bucking the prevailing trend in many parts of the world where values are falling due to rising interest rates and a gloomy global growth outlook.

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