Dubai Real Estate Market Anticipates AED 120 Billion in Sales for Summer 2024

Dubai's real estate market is gearing up for a record-breaking summer in 2024, with projections from W Capital, a leading brokerage in the region, forecasting robust sales driven by ongoing incentives and strong demand dynamics.

According to W Capital's latest report, the upcoming summer season is expected to witness a significant surge in real estate sales, projecting a 15-20% increase to exceed AED 120 billion. This marks a substantial rise from AED 102 billion in summer 2023 and nearly doubles the AED 68 billion recorded in the same period of 2022.

The brokerage attributes this optimistic outlook to Dubai's global prominence and the sector's resilience, following a historic year in 2023 with total sales surpassing AED 400 billion. Estimates suggest sales could range between AED 450 billion to 500 billion this year.

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The momentum has already been evident in the market's performance in the first five months of 2024, witnessing a 25.4% jump with sales reaching AED 186.87 billion, compared to AED 148.96 billion in the same period last year. Transaction volumes also saw a notable increase of 30.2%, totaling 65,890 transactions from January to May 2024, up from 50,592 in the corresponding period in 2023.

May 2024 particularly stood out with record-breaking sales of AED 45.79 billion, marking a 35.3% increase from AED 33.84 billion in May 2023 and surpassing the previous high set in November 2023 at AED 42 billion.

Walid Al Zarooni, CEO of W Capital, expressed confidence in Dubai's real estate sector reaching unprecedented levels during the upcoming summer season. He emphasized the market's maturity, noting that each successive summer consistently outperforms the previous one in terms of sales volume.

Al Zarooni highlighted favorable conditions driving liquidity into the market, with both foreign and local buyers showing keen interest in acquiring residential properties near beachfronts and recreational areas amidst the summer heat.

He also pointed out an uptick in new real estate projects launched this year, as developers capitalize on heightened demand. Al Zarooni underscored Dubai's appeal as a stable and lucrative investment destination, offering superior returns compared to regional and global markets, bolstered by robust growth prospects and reduced uncertainty.

Founded in 2007, W Capital specializes in real estate development, sales, rentals, and consulting services, contributing significantly to Dubai's real estate landscape with over AED 200 million in property transactions to date.

Walid Al Zarooni, a certified real estate expert and author, continues to lead W Capital as Chairman, advocating for strategic investments in Dubai's thriving real estate sector.

In summary, Dubai anticipates a landmark summer for its real estate market, driven by strong sales momentum, attractive incentives, and sustained investor confidence amidst global economic dynamics.

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