Dubai real estate: June sales make the 4th highest monthly sales, despite the Eid holiday
06 July 2023, 12:00 AM
31 July 2023, 12:00 AM
Persistent strength of demand within the Dubai real estate market was once again brought to the fore, with the emirate’s first half recording the highest levels of real estate sales ever.
According to W Capital analysis, the emirates recorded 61,000 sales deals with total value topping Dh179.34 billion.
The growth rate in terms of sales value amounted to 57 per cent on an annual basis during the first six months of 2023, compared to Dh114.5 billion in the previous year, and in terms of the number of deals by about 42 per cent, compared to 42,971 deals last year, W Capital’s research showed.
“The real estate sector continues to break records in terms of sales and transactions,” said Walid Al Zarooni, W Capital Real Estate Brokerage CEO. “The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum,” he added.
“During June 2023, the real estate market in Dubai maintains a continuous state of momentum started in 2021, with 10,405 real estate sales deals with total value of Dh30.3 billion, which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of Dh22.92 billion,” Al Zarooni said.
Al Zarooni said that despite the Eid Al-Adha holiday, the value of real estate transactions during the current month will be the fourth highest on monthly basis in , after the months of last March, last May and last November, with values of Dh34.1 billion, 33.9 billion and 30.8 billion, respectively.
Meanwhile, S&P Global Ratings has upgraded Emaar Properties' long-term issuer credit rating based on expectations of a more robust business performance amid the strength of Dubai's property market.
The upgrade to "BBB" from "BBB-", with a stable outlook, reflects the attractiveness of projects from Dubai's biggest listed developer, benefitting from positive property trends in the emirate, the ratings agency said in a statement.
The outlook mirrors S&P's projection that Emaar will continue to demonstrate steady operating performance and low leverage while being able to sustain its strong market position and capture the bulk of renewed interest from international buyers, it said.