The Dubai property market is set for a summer spending spree, with investors poised to spend nearly $24B, according to W Capital.
Real estate sales are expected to rise by 15-20%, surpassing AED 120B ($26B) compared to AED 102B ($22B) last summer.
If projections are met, total sales could nearly double from summer 2022, which saw AED 68B ($15B).
Following record-breaking sales of AED 400B ($87B) in 2023, this year’s sales are expected to reach between AED 450B ($98B) and AED 500B ($109B).
In the first five months of 2024, sales surged 25.4% to AED 186.87B ($40B), with 65,890 transactions, marking a 30.2% increase over the same period last year.
In May, the sector saw its highest monthly sales ever at AED 45.79B ($9.9B), a 35.3% increase from May 2023. CEO of W Capital, Walid Al Zarooni, stated that the market has matured, with each summer surpassing the previous in sales.
Favourable conditions and strong demand for residential units near beaches and recreational areas are driving this growth.
He noted an increase in real estate projects launched this year, highlighting Dubai’s superior returns on investment compared to other markets.
