DUBAI REAL ESTATE MARKET GEARS UP FOR A RECORD-BREAKING SUMMER

Dubai's real estate market is poised for a record-breaking summer with investors expected to spend nearly $33 billion on properties. This surge represents a 15 to 20 percent increase in sales surpassing AED 120 billion ($32.7 billion) compared to AED 102 billion ($27.8 billion) in the same period last year. If current growth estimates hold sales could almost double those of the summer of 2022 which totaled about AED 68 billion ($18.5 billion).

The continued strong performance in Dubai’s real estate sector is buoyed by the emirate’s global prominence. Following a record-breaking year in 2023 with sales exceeding AED 400 billion ($109 billion), projections for 2024 range between AED 450 billion ($122.5 billion) and AED 500 billion ($136.2 billion). The market has already seen substantial growth in the first five months of 2024 with sales reaching AED 186.87 billion ($50.9 billion) up 25.4 percent from AED 148.96 billion ($40.6 billion) during the same period in 2023.

The Dubai Land Department reported a 30.2 percent increase in sales transactions compared to 50,592 in the previous year. May 2024 marked a milestone with the highest monthly sales ever recorded at AED 45.79 billion ($12.5 billion), a 35.3 percent increase from AED 33.84 billion ($9.2 billion) in May 2023 surpassing the previous record set in November 2023 at AED 42 billion ($11.4 billion).

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai emphasized the country's commitment to providing a favorable investment environment. In a recent tweet, he stated, "Many around the world are betting on the UAE with their investments, talents and wealth. We tell them; whoever bets on us, we will bet on them. God willing, we will continue to create the best investment environment in the world."