W Capital, a Dubai-based real estate brokerage, expected record sales exceeding AED 120 billion during the summer of 2024 in the Dubai real estate market.

The real estate sales are forecast to increase by 15-20% in the current summer season, compared to AED 102 billion during the same period in 2023, according to a press release.

After registering sales surpassing AED 400 billion in 2023, the real estate market is projected to witness sales between AED 450 billion and 500 billion this year.

During the first five months (5M) of 2024, the market’s sales jumped by 25.40% to AED 186.87 billion, compared to AED 148.96 billion in the same period a year earlier.

There were 65,890 sales transactions during the January-May 2024 period, higher by 30.30% year-on-year (YoY) than 50,592 sales transactions, according to data from the Dubai Land Department DLD.

The Dubai real estate sector recorded the highest monthly performance ever in terms of sales during May at AED 45.79 billion, marking an annual leap of 35.30% compared to about AED 33.84 billion, and exceeding the latest record number of last November at AED 42 billion.

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 underlined an increase in the number of real estate projects offered during the current year, amid strong demands from real estate developers.

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