Real estate sales in Dubai at the highest level in 5 months and expectations of an increase in prices by 7.5%

كتب: وائل سلامة 31 May 2022

Real estate sales in Dubai recorded their highest level in 5 months, according to W Capital, the leading real estate brokerage in Dubai.

And through 34,000 factories, sales reached about 90 billion dirhams, making it the highest sales value ever during that period.

Walid Al Zarooni, Chairman of W Capital, said that May 2022 witnessed the highest total value of real estate sales deals in the Emirate of Dubai, with a value of more than 17 billion dirhams, distributed around 6,000 deals, which is the highest number ever for the month of May since 2009.

And monthly sales during May 2022 recorded an increase of about 55 percent on an annual basis compared to its counterpart last year, which exceeded 11 billion dirhams distributed among 4,429 real estate deals.

Al Zarouni indicated that 2022 is the beginning of a new phase of launching for the real estate sector in the emirate, amid record growth in demand driven by a number of positive factors.

Analysts expected housing prices in Dubai to rise steadily over the next two years, driven by demand from foreign investors.

House prices in Dubai are expected to increase by an average of 7.5% in 2022.

A Reuters poll of some analysts had shown expectations that housing prices in Dubai would rise steadily over the next two years due to increased foreign investor demand.

In detail, analysts warned that higher interest rates and a lack of affordable homes could limit activity.