Real estate agents called for increased incentives to maintain the unprecedented momentum in the sector
Experts: Dubai real estate will maintain its record performance in 2023
Dubai real estate recorded during 2022 a record and exceptional performance, the highest ever.
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Real estate agents expected that the actions of Dubai real estate, during the current year, will record new levels, exceeding the figure recorded in 2022, which exceeded half a trillion dirhams.
They pointed out, in statements to «Emirates Today», the need to increase incentives for the real estate sector, to maintain the momentum that the sector is currently experiencing.
In detail, the real estate consultant, Muhammad Al Hafeti, said, “The demand for the real estate market in the Emirate of Dubai continues to continue, for several reasons, including security, safety, and economic stability in the region, which led to Dubai becoming a strong and important real estate market compared to its counterparts around the world. Great demand in the real estate market, and it is still continuing, in addition to the UAE’s dealings with the Corona pandemic.
Al-Hafiti added, "The results for the current year are promising, and there is continuity in demand, and there is still a great demand for investment, purchase and leasing, and all fields record outstanding levels of performance."
The report of real estate transactions in Dubai for the year 2022 showed that the real estate sector in the emirate ended an exceptional year, achieving record results whose value exceeded half a trillion dirhams for the first time, with a growth rate of 44.7% in terms of volume, and 76.5% in terms of value compared to 2021, and in total 528 billion dirhams.
Last year witnessed the registration of 122,658 real estate transactions, with a value of 528 billion dirhams, while real estate investments recorded during the past year 115,183 investments, with a value of 264.15 billion dirhams, owned by 80,216 investors, with a growth of 59.5% in terms of the number of investments. , 78.4% in terms of value, and 53% in terms of the number of investors compared to 2021.
For his part, the real estate expert, Chairman of the Board of Directors of “W Capital Real Estate Brokerage Company”, Walid Al Zarouni, said, “The real estate sector in Dubai enters the year 2023 with a state of great and unprecedented momentum, after recording a record and exceptional performance that is the highest ever in terms of huge sales.” During the past year, in addition to strong demand that is expected to continue during the current year, in addition to mega projects that will be launched during the coming period.
Al Zarouni added, "Many signs and indicators confirm the continuation of this great momentum in the new year, the most important and most prominent of which is the continuation of the economic recovery in the UAE, with the testimony of local and international institutions, and the achievement of strong growth in gross domestic product, thanks to the diversity of economic activities, in addition to the government procedures followed." Locally and federally, the recovery of oil prices, the increase in trade, tourism, real estate and business sectors of all kinds, while it is expected that these efforts will continue to achieve fruitful results during the current year.
For his part, Saeed Abdul Karim Al-Fahim, CEO of Stratum Owners Association Management, said, “Several factors contribute to continuing the momentum of the real estate sector, which is that developers and banks must provide additional facilities, and offer villa projects and high-end projects with famous names, in addition to The facilities provided by the government, which contribute to increasing the number of investors in the real estate sector in the Emirate of Dubai.
For his part, the investment expert, Saleh Tabakh, said, "The record sales in the real estate market in Dubai reflect the great development that the market has reached in terms of various real estate products, amid unprecedented activity in luxury real estate sales."
of foreign investors from all over the world.
He added, "The high investment flows will provide more growth opportunities and strengthen Dubai's position as a preferred destination for international real estate investors."
Cook expected that "the real estate market in Dubai will continue its upward trajectory in 2023, as real estate prices and annual rents will increase even more."
In addition, the managing director of the “Harbor Real Estate Company”, Muhannad Al-Wadiya, said, “One of the most important drivers for the growth of the real estate sector and contributing to the continuation of the pace of recovery in the sector is the need for all parties to join the equation of the real estate sector, as it is required by the Land and Property Authority, And the Real Estate Regulatory Authority, to continue to provide a safe, fast and easy environment for investors to attract them, and their sense of security, and to speed up the completion of real estate deals and transparency, and to provide numbers and statistics that help them make decisions in a faster manner, and that are based on facts and studies and provide a safe environment.
Al-Wadiya added, “Regulating the real estate sector must continue with laws and licenses for brokers and facilities management, and developers must continue to pump suitable units for categories of buyers, whether they are investors or end users, and provide customer service at a high level, and there must be government initiatives, such as Golden residences, in order to attract more visitors, and increase cooperation with countries and global trade, such as the (D33) project and vision, and attention must be paid to marketing at the global level, to target various groups and those interested in investing in real estate in Dubai.
In the same context, CEO of JLL in the Middle East, Africa and Turkey, Thierry Delvaux, said: “Dubai is a prime example of this phenomenon, with the support and keenness of the Dubai Land Department to enhance the principle of transparency in the sector, as well as to achieve economic growth. The strong power of the state, and its launch of initiatives such as visas, and therefore we are witnessing a boom in the Dubai and UAE market.
luxury real estate market
“The luxury real estate market has witnessed record growth over the past two years, and these global trends have been reflected in the Dubai real estate market, with prices almost doubling,” said Phil Sheridan, CEO of Berkshire Hathaway Home Services.
He added, "The golden visa program contributed to urging wealthy people to move to Dubai to buy their second, or even fourth, luxury home in the city."
"Although high demand has led to an increase in prices and overvaluation in some markets, Dubai still offers the best value compared to major global cities," Sheridan added.
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