Dubai Anticipates Record Summer Spending Spree in Real Estate Market

Dubai, UAE: Dubai’s real estate market is gearing up for a record-breaking summer, with analysts predicting a surge in investor spending. This surge in summer sales is fueled by a combination of strong market performance and Dubai’s global appeal.

Stronger Performance Expected

W Capital, a Dubai-based brokerage firm, forecasts a 15-20% increase in real estate sales this summer, reaching an estimated AED 120 billion ($32.7 billion). This would significantly surpass last summer’s total of AED 102 billion ($27.8 billion). Furthermore, W Capital predicts overall sales for 2024 to fall within a range of AED 450 billion ($122.5 billion) and AED 500 billion ($136.2 billion), building upon 2023’s record-breaking year that exceeded AED 400 billion ($109 billion).

Momentum from a Stellar Start

The market’s robust health is further accentuated by impressive sales figures for the first five months of 2024. Compared to the same period in 2023, sales have jumped by 25.4%, reaching AED 186.87 billion ($50.9 billion). Transaction numbers also reflect this growth, with a 30.2% increase year-on-year, totaling 65,890 transactions between January and May.

May 2024 marked a historic high for the Dubai real estate sector, with sales reaching AED 45.79 billion ($12.5 billion). This represents a 35.3% increase compared to May 2023 and surpasses the previous record of AED 42 billion ($11.4 billion) set in November 2023.

Perfect Timing for Summer Purchases

W Capital CEO, Walid Al Zarooni, attributes the anticipated summer surge to several factors. Dubai’s maturing market experiences consistent year-on-year growth. Additionally, the summer season offers an opportunity for residents and foreigners alike to seek out properties near beaches and recreational areas, ideal escapes from the intense summer heat.

Al Zarooni highlights the increased number of real estate projects launched in 2024, reflecting developers’ eagerness to capitalize on the high demand. He emphasizes that Dubai remains an attractive investment destination, offering stability, strong returns, and superior growth prospects compared to other investment options facing uncertainty.

Dubai’s real estate market is poised for a scorching summer, fueled by investor confidence and a thriving market environment. As the world’s attention turns towards Dubai for the summer months, the city’s real estate sector is well-positioned for a record-breaking season.

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