Waleed Al Zarooni
14 March 2023
Dubai real estate returns to a new record by achieving the largest value of real estate sales in February at AED 26.7 billion, the highest ever for the same month and exceeding the figure recorded last year, by more than 65%.
Although «February» is the shortest month of the year days, the real estate market in Dubai is no longer linked to the length or shortness of the month or seasons as it was in the past, as all times of the year have become suitable for real estate investment after it was limited to limited periods and subject to variable factors.
The real estate sector still dazzles us with record levels of sales despite the unprecedented economic challenges in recent years, whose effects appeared during the Corona pandemic three years ago and the accompanying continuous repercussions so far on the global economy, then the Russian-Ukrainian war came to increase the pain of the global economy, but on the other hand, we find the cohesion of the UAE economy in general and Dubai in particular, with all its tributaries, led of course by the real estate and tourism sectors.
What does that mean? This means that sustainable growth within the real estate sector in Dubai has become the dominant year in recent years, in light of a combination of internal factors in the UAE, including political, security and economic stability, which has been a great support for the continuation of activity in the real estate market.
This reflects the immense investment attractiveness of Dubai's real estate sector, bringing property sales in the emirate so far this year to AED 55 billion, the highest level recorded by real estate transactions ever during this period of the year.
These records complement the overall boom recorded by the sector last year following exceptional growth in Dubai's real estate market in 2022, which saw the value of property sales reach AED 265.6 billion, the highest annual value ever in the history of the real estate market in the emirate and this strong growth is expected to continue in 2023.
Most think tanks predict that Dubai's real estate market will continue its upward trend this year as more foreign investors flock, thanks to stimulus measures taken by the country such as modernizing visa procedures and maintaining economic growth.
The sector will continue to assert its position as a key pillar of growth for all sectors and economic activities in the emirate, and one of the attractive tools for investment in the emirate, compared to competing markets, as it provides all options for investors from ready to off-plan sale, mortgages, donations, and other features that have increased the attractiveness of the local market.
Most of the expectations of expert houses indicate that the real estate market in Dubai will continue its upward trend during 2023.
Chairman of the Board of Directors of «W Capital Real Estate Brokerage»
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