In recent years, Dubai has emerged as the global real estate hub, offering high investment returns and a secure environment, which has become a significant positive factor amidst rising global geopolitical tensions and economic uncertainty, according to leading brokerage W Capital Real Estate.
A report by W Capital highlights that Dubai's real estate sector has continued its growth trajectory and record sales over the past years, driven by an exceptionally strong demand that consistently surpasses expectations. The report notes that the emirate has become a favored investment destination for wealthy individuals worldwide, particularly evident in the robust sales of luxury properties.
The study underscores that investors are drawn to Dubai for its security, a stark contrast to the security challenges faced by many global capitals, which is also demonstrated by the successful hosting of major events and activities. The report emphasizes that Dubai provides a fertile ground for investments, bolstered by numerous local and international supportive factors that have solidified the real estate market's position and attracted international companies and brands to initiate projects in the city.
Walid Al Zarooni, CEO of W Capital, remarked that the Dubai real estate market has seen an unprecedented upward trend since its recovery from the COVID-19 pandemic, surpassing all forecasts. He cited DLD data showing that sales reached over Dh1.16 trillion in the 55 months from January 2020 to July 2024, with a significant increase from Dh69.8 billion in 2020 to Dh401 billion in 2023, and Dh283 billion in the first seven months of 2024.
Al Zarooni highlighted that this continuous record growth signifies the high maturity of Dubai's real estate market, supported by swift pandemic recovery, economic and tourism sector rebound, and the emirate's renowned security and safety. He also mentioned that a previous W Capital report indicated a robust global demand for Dubai real estate, led by investors from India, China, Lebanon, Canada, France, Italy, the Netherlands, Pakistan, and Turkey, among others.
The CEO attributed the real estate boom to the UAE's favorable economic climate, particularly in Dubai, enhanced by government initiatives such as residency visa grants, a favorable tax environment for new businesses, and cultural diversity with over 200 nationalities residing in the city. Al Zarooni further noted that real estate sales in Dubai from January to July increased by 30.3% to Dh283.11 billion, compared to Dh217.2 billion in the same period in 2023. Total transactions from the start of 2024 to the end of July amounted to Dh415.55 billion from 123,250 deals, with July setting a new monthly record of Dh50.78 billion in sales, a 35% increase from July 2023.
