Dubai real estate breaks sales records in the first half of this year

  • Chairman of the Board of Directors of W Capital, Walid Al Zarooni

  • General Manager of Awad Gargash Real Estate Company, Raad Ramadan

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The first half of the current year 2022 witnessed breaking sales in the real estate sector in Dubai to more records, as it was considered one of the best periods for him at all, as nearly 43,000 sales transactions were completed, valued at more than 114.5 billion dirhams.

The figures issued by the Dubai Land Department indicated that in the month of June, 8,833 real estate sales transactions were recorded, with a value of 22.69 billion dirhams, which is the highest number ever for the month of June since 2009.

The statistics indicated an increase of 55% in June 2022, compared to June last year.

Real estate agents expected a strong performance of the real estate sector in Dubai during the second half of this year, in conjunction with achieving more than 114 billion dirhams, sales, during the first half, according to figures issued by the Dubai Land Department.

They saw that 2022 is the beginning of a new phase of launching for the real estate sector in the emirate, amid record growth in demand, noting that the sector is experiencing a state of renewed momentum and recovery, supported by unlimited facilities in residency laws, which contributed to enhancing Dubai's position as an ideal destination for living, working and investing. .

Chairman of the Board of Directors of W Capital, Walid Al Zarooni, said that the first half of this year witnessed record levels of sales and real estate transactions in Dubai, thanks to the continued supportive factors in the market.

Al Zarouni considered that 2022 is the beginning of a new phase of launching for the real estate sector in the emirate, amid record demand growth, pointing out that the sector is experiencing a state of renewed momentum.

Al-Zarouni continued: "Despite the significant rise in prices, there is still an opportunity to acquire a property for the purpose of investment and to achieve a good return, as the sector benefits from the growth of the gross domestic product, thanks to the growth of the oil and non-oil economy in the country."

Al-Zarouni stated that the credit for the exceptional performance of the real estate market in recent months belongs to foreign investors, adding: The increasing demand, high real estate prices and the high return on investment by a large percentage encouraged the influx of foreign investors.

Al Zarooni expected real estate prices in the UAE to rise by 20% this year.

He attributed this expected increase in real estate prices to several reasons, most notably the increase in the investment attractiveness of the state, especially after the issuance of the new residence system, the rise in rental returns, and the change in the prices of building materials due to global changes.

The general manager of Awad Gargash Real Estate Company, Raad Ramadan, said that the expectations for the second half of this year are very good, amid increased sales and growth in demand, especially for villas, explaining that prices are encouraging for investors.

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