Dubai real estate: Record six months sees $49bn of property sales

61,000 Dubai property sales made for a record-breaking first six months of the year, according to W Capital analysis

The Dubai real estate sector saw a record AED179.34bn ($49bn) from 61,000 sales in the first half of 2023, according to analysis by W Capital.

The highest-ever semi-annual numbers show a persistent strength of demand within the Dubai real estate market, said the real estate brokerage firm.

Walid Al Zarooni, W Capital CEO, said: “The real estate sector continues to break records in terms of sales and transactions. The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum”.

Dubai real estate record

The growth rate in terms of sales value amounted to 57 per cent on an annual basis during the first six months of 2023, compared to AED114.5bn ($31.1bn) in the previous year.

The number of deals increased by about 42 per cent, compared to 42,971 deals last year.

Al Zarooni said: “During June 2023, the real estate market in Dubai maintains a continuous state of momentum started in 2021, with 10,405 real estate sales deals with total value of AED30.3bn ($8.2bn), which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of Dhs22.92bn ($6.2bn),” he continued.

“Despite the Eid Al Adha holiday, which lasts for four days, the value of real estate transactions during the current month will be the fourth highest on monthly basis in, after the months of last March, last May and last November, with values of AED34.1 ($9.3bn), AED33.9 ($9.2bn) and AED30.8bn ($8.4bn), respectively. Dubai has the best infrastructure in the world in all sectors, added to keenness to adopting the best technologies and constantly modernise the infrastructure” – added Al Zarooni.

This boosts the development and growth of Dubai’s economy.

The CEO expected all factors would be pushing record sales, and it might exceed the barrier of AED300bn ($82bn) for the first time in 2023, with the support of the unprecedented demand from foreigners, businessmen and wealthy people of various nationalities to own a property in Dubai.