Dubai’s real estate market is poised to achieve unprecedented numbers this year, as W Capital forecasts a milestone figure of AED 400B ($86.3B) for the first time in history, based on data from the Dubai Land Department.
Presently, the market transaction value is at AED 393B ($84.9B), marking the highest recorded figure in the market’s history.
“There were more than 127,000 deals, and with a week before the end of the year, it is expected to exceed AED 400B,” stated Walid Al Zarooni, CEO of W Capital.
Following the growth in 2023, the exceptional momentum is anticipated to extend into the next year, according to Arabian Business.
The demand for the Dubai real estate market is projected to continue rising, driven by interest from international investors and the influx of high-net-worth individuals to the city.
Al Zarooni emphasized that the growth would not be limited to the luxury real estate category but would extend to medium-sized, commercial, and hospitality properties.
He also provided insights into the current real estate landscape, confirming that recent assessments foresee sustained investor interest in Dubai’s primary residential markets throughout 2024. The emirate remains an attractive destination for investors seeking affordable opportunities with promising long-term returns.
Anticipating a continued trend, Al Zarooni predicted increased deal volumes, heightened demand for ready-to-go properties, persistent supply constraints, and a significant presence of “cash” buyers. This trend is expected to withstand inflationary pressures and rising interest rates, especially when compared to mortgage-financed buyers.
The CEO attributed the positive outlook for the upcoming year to Dubai’s esteemed global standing, strategic location, streamlined procedures, tax exemptions, and various other motivating factors that make it an enticing hub for foreign real estate investment.
