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W Capital, a Dubai-based real estate brokerage, expects record sales of more than AED 120 billion in the Dubai real estate market during the summer of 2024.
According to a press release, real estate sales are expected to increase by 15-20% this summer season, compared to AED 102 billion in 2023.
After surpassing AED 400 billion in 2023, the real estate market is expected to see sales of AED 450 billion to 500 billion this year.
During the first five months (5M) of 2024, market sales increased by 25.40% to AED 186.87 billion, up from AED 148.96 billion in the same period the previous year.
According to Dubai Land Department (DLD) data, there were 65,890 sales transactions between January and May 2024, a 30.30% increase year on year (YoY) from 50,592.
The Dubai real estate sector achieved its highest monthly sales performance ever in May, totaling AED 45.79 billion, a 35.30% increase over the previous year’s AED 33.84 billion and surpassing the previous record of AED 42 billion set in November.
Walid Al Zarooni, W Capital CEO, said: “The market has reached maturity in recent years, so every summer season records higher sales than the one before.”
Al Zarooni also highlighted an increase in the number of real estate projects offered this year, citing strong demand from developers.
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