Real estate sales in Dubai during the summer season of 2024 recorded a record performance, worth AED 139.53 billion, an increase of 36.8%, compared to the summer of 2023, which recorded real estate sales worth AED 102 billion.
Real estate experts told Al-Emarat Al-Youm that the real estate market in Dubai witnessed unprecedented performance during the summer of 2024, which reflects the city’s increasing attractiveness to local and international investors, noting that the emirate’s market has surpassed “seasonality” in real estate demand, as it had previously witnessed a lull during the summer.
In detail, a monitoring by “Emirates Today” showed that real estate sales in Dubai recorded a record performance during the summer of 2024, recording the highest historical level for this season at a value of 139.53 billion dirhams. According to the monitoring, the value of real estate sales in Dubai increased during the summer of 2024 by 36.8%, compared to the summer of 2023, which recorded real estate sales worth 102 billion dirhams.
The number of deals executed during the summer of 2024 also increased by 43.6% to 48,240 deals, compared to 33,600 deals in the same period last year.
“Every summer season records higher sales than the previous year, amidst a huge demand for luxury properties for ownership or for renting luxury hotel apartments, which encourages developers to launch more projects,” said Walid Al Zarouni, Chairman of W Capital Real Estate Brokerage.
Al Zarouni added to Al-Emarat Al-Youm: “The summer of 2024 will enjoy more favorable conditions that encourage the injection of liquidity into the real estate market, with dealers – whether residents or foreigners – heading towards purchasing residential units close to beaches and recreational areas for water games.”
In turn, Zahi Qashou, CEO of Elio Real Estate Company, said: “Recording record numbers in the Dubai real estate market has become a common and common thing, at a time when the sales of the summer of 2024 came in line with the upward market movement,” expecting that sales as a whole will be the highest in history.
He added that the continued record-breaking figures in Dubai’s real estate market confirm that they were not a coincidence, but rather the result of tremendous efforts and an integrated economic system that the emirate seeks, in addition to the quality of life there, the available investment opportunities, the facilities for granting residency, the advanced infrastructure, and the modern legislation that enhances the confidence of customers.
In the same context, the CEO of Al-Andalus Real Estate Group, Saleh Tabakh, said, “The real estate market during the summer witnessed an increase in rental prices in areas overlooking the sea, or in the city center, due to the great pressure from tourists and visitors.”
Tabakh expected the luxury real estate sector in Dubai to continue to grow, with increasing demand from foreigners, the influx of wealthy people to Dubai, and ongoing economic and tourism developments, making the emirate the first real estate destination for the majority of international investors.
Tabbakh pointed out that the Dubai market has gotten rid of the “seasonality” in real estate demand, as it used to witness a calm during the summer before, but all days of the year now record good sales, noting that there is a great demand for luxury real estate, in addition to housing categories for units consisting of one and two bedrooms.
Asmaa Mowafqi, Sales Public Relations Manager at Peace Home Real Estate Development Company, said that the Dubai real estate market witnessed unprecedented performance during the summer of 2024, reflecting the city’s increasing attractiveness to local and international investors.
Mowaffaki added that achieving sales worth AED 139.53 billion represents a milestone in the history of the market, with a growth of 36.8% compared to last year, noting that this performance enhances Dubai’s position as one of the most prominent real estate destinations in the world, supported by economic stability, advanced infrastructure, and government facilities that stimulate investment.
She stated that the significant increase in the number of executed transactions by 43.6% indicates the growing confidence of investors and the continued strong demand for real estate in Dubai.
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