“W Capital”: Dubai Real estate sales to exceed Dhs300bn in 2023
- Dubai real estate sales is poised to break 2022 records -Waleed Al Zarooni
Dubai, United Arab Emirates
Friday, May 12th 2023
The Dubai-based real estate brokerage “W Capital” expected the Dubai real estate sector sales to make a new record exceeding Dhs300bn in 2023, based on the available figures so far.
Dubai real estate sector sales have exceeded Dhs12bn since the beginning of this year, amid unprecedented exceptional performance with the vibrant demand.
Dubai Land Department data showed that the sales value – which is the largest ever during the same period – is the result of more than 43,000 sales deals.
“Real estate market data indicate the ever lasting momentum, and the possibility of breaking last year’s records , boosted by the turnout of the global wealthy,” said Walid Al Zarooni ,W Capital CEO.
Al Zarooni stated that total real estate sales in Dubai during 2022 grew by 78.3% to Dhs265.6bn, which is the highest annual value ever in the history of the real estate market in the emirate, distributed over more than 97.48 thousand deals.
He explained that there are huge deals on an almost daily basis, with values over a million dirhams ,with few exceeding a billion dirhams. Many new projects are being sold off plan within 24 hours or a maximum of two weeks.
Walid Al Zarooni indicated that some major investors started to buy entire floors and then resell them in retail, which is an important trend within the market that boosted the investment momentum and introduced new players that help market recovery.
Al Zarooni said that Dubai real estate sector sales exceeded Dhs120bn since the beginning of 2023, and that value – which is the largest ever during the same period – is distributed over more than 41000 sales deals, according the Dubai Land Department data.
The CEO stated that real estate transactions exceed one billion dirhams per day, in a strong indication of the strong momentum and the exceptional performance that began since late 2021, as well as this a strong evidence of the sectors growing investment attractiveness .
Walid Al Zarooni stressed that Dubai provides the ideal environment for living, working and investing at the same time. That is proved by the fruitful bets investors make on real estate investments in Dubai, with profits exceeding 100% in some cases since 2020 when the pandemic started until now .Gains proved to increase on monthly basis.
The CEO said the procedures followed in Dubai in terms of developing investments, facilitating doing businesses and residence visas, pushed forward the investing activities. This is proved in the strong real estate momentum in terms of demand that will continue for a longer period. These factors will enhance the chances of higher prices; thus, additional gains for real estate investors .
Al Zarooni believed that real estate sales expectations during this year depend on many different factors, such as estimates of the local or global economy. “The real estate sector in Dubai is also affected by many variable factors, such as government policies, demographic changes, fluctuations in oil prices, and expectations of strong demand,” he said.
Al Zarooni pointed out that Dubai is showing continuous economic growth, urban development, and an social activity expansion , so it is likely that the demand for real estate will continue to be robust in the long term, which means good opportunities for investors, despite the expected fluctuations in the global market.
About “W Capital”:
“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
About Walid Al Zarooni:
Walid Al Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.
Al Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as ” Instagram “,“ Snapchat ” and “Twitter”, on which he is very active.