Recorded 160 billion dirhams in 8 months from 2022
Dubai real estate sales to the highest level in 13 years
The real estate market in Dubai has achieved an unprecedented performance since the beginning of this year.
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A monitoring conducted by "Emirates Today" showed that the real estate sector in Dubai recorded new sales during the first eight months of this year, with a value of about 160 billion dirhams, making it the highest sales value ever in more than 13 years.
According to the latest data issued by the Dubai Land Department, the value of real estate sales in the emirate jumped, during this August alone, by more than 70%, to reach more than 24 billion dirhams, compared to the same month last year, an increase of 10 billion dirhams.
In addition, real estate agents confirmed to "Emirates Today" that the real estate sector in Dubai maintains strong growth rates, supported by government facilities and new residence systems that have contributed to increasing the number of investors in Dubai, expecting real estate prices in the emirate to rise by up to 20%. , during the current year.
In detail, a monitoring conducted by "Emirates Today" showed that the real estate sector in Dubai recorded new sales since the beginning of this year until now, with a value close to 160 billion dirhams, through the implementation of 59,500 transactions, to be the largest sales value ever during that period.
According to the latest data issued by the Dubai Land Department, this is the first time that the value of real estate sold in Dubai for the monitoring period approaches the barrier of 160 billion dirhams, as the last time the value exceeded the 100 billion dirhams barrier in 2009, when real estate sales recorded a value of About 110 billion dirhams.
Statistics indicated that this month witnessed the highest total value of real estate sales deals in Dubai with a value of nearly 24 billion dirhams until yesterday, distributed over about 9,200 deals, which is the highest value ever for the month of August, as it jumped by 70% compared to August 2021, An increase of 10 billion dirhams.
Record numbers
In addition, the Chairman of the Board of Directors of “W Capital” real estate brokerage, Walid Al Zarouni, said that the real estate market in Dubai continues to break its records period after period and month after month, recording a new level in terms of sales, in a strong indication of the continued state of momentum and exceptional performance. Which started since late last year, which is a strong evidence of the increasing investment attractiveness enjoyed by the real estate sector in the emirate.
Al Zarouni explained that the real estate market in the emirate has achieved unprecedented performance since the beginning of this year, as it set another record in the history of Dubai during August 2022, amid record growth in demand driven by a number of positive factors, in light of expectations to continue positive indicators during the remaining four months of the year. With a steady growth in real estate sales to exceed 230 billion dirhams by the end of 2022.
momentum
He stressed that the sector is experiencing a state of renewed momentum and recovery, supported by the unlimited facilities in the residency laws, which contributed to enhancing Dubai's position as an ideal destination for living, working and investing.
Al-Zarouni pointed out that the credit for this strong performance of the real estate market in recent months is due to foreign investors, in light of the increasing demand, high real estate prices, and an increase in the return on investment.
the prices
For his part, the managing director of Harbor Real Estate Company, Muhannad Al-Wadih, said that there is a noticeable increase in real estate prices in Dubai, which began in 2021 gradually and continues until now, adding that “the expected percentage until the end of this year is proceeding at the same pace, and may reach to 20%, especially as we see a significant increase in the prices of raw materials.”
In turn, the General Manager of the "Royal Liwan Real Estate Company", Muhammad Abu Hareb, expected an increase in real estate prices by 15-20% during the current year, noting that there is no exaggeration in pricing, due to several factors, including the increase in real estate investment coming to the UAE, High rental yield.
difference
For his part, the General Manager of Awad Gargash Real Estate Company, Raad Ramadan, said that there is an increase in the sale prices of real estate as well as rents in Dubai, but he pointed out that this varies from one region to another and from one location to another.
He explained that there are areas that have witnessed an increase, such as "Dubai Marina", "Jumeirah Beach Residence" and "Tecom".
Ramadan expected that prices will continue to rise during the current year, with rates ranging between 10 and 20%, indicating that they vary according to the region, location and age of the property.
mainstay
The director of real estate at D&B Real Estate, Majed Al-Agha, said that real estate was and still is the mainstay in the growth of the economy of Dubai and the UAE in general, pointing out that real estate is an extension of contracting, as real estate units, apartments and villas need a lot of Services that create job opportunities.
Al-Agha explained that the establishment of residential complexes, offering units for sale, and facilitating ownership operations in Dubai, constituted a key point to attract many investors from all over the world.
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