Dubai’s real estate market is doing really well, and experts predict it will reach a new high of around $108.9 billion in 2023, according to W Capital, a company that studies these things. Right now, the total value of property transactions in Dubai is about $107 billion, and it’s expected to go even higher by the end of the year.
The CEO of W Capital, Walid Al Zarooni, says that more than 127,000 property deals have happened, and they expect it to go beyond $108.9 billion with a week left in the year. This is a big deal because it’s the first time it’s reaching such a high number. The growth is driven by people from other countries and rich individuals wanting to invest in Dubai. They see it as a good place to put their money because they believe they can make more money over time.
Al Zarooni also mentioned that this growth isn’t just happening in expensive properties but also in medium-sized homes, commercial spaces, and hotels. He thinks this positive trend will continue into the next year because Dubai is still attractive to investors. The city has a good reputation globally, it’s in a good location, the processes for buying property are straightforward, there are tax benefits, and many other reasons that make it a great place for foreign investors.
