Andalsuia Courtyard: Real estate transactions in Dubai will exceed AED 600 billion dirhams by the end of 2023
Saleh Tabbakh the CEO and founder of Andalsuia Courtyard, the Dubai-based leading real estate developer, expected that that the total real estate transactions, including sales, mortgages and gifts, in the Emirate of Dubai will exceed the level of 600 billion dirhams in 2023, which is the highest historical annual value ever, a matter that reflects the continuous momentum within the promising market.
This came on the sidelines of a celebration held recently at the Capital Club in the Dubai International Financial Centre, which is the deemed most prominent private business club in Dubai. The event witnessed the nomination of Tabbakh as the youngest real estate developer who delivered his project in Dubai in record time, ahead of scheduled deadline.
It’s noteworthy in this context that Saleh Tabbakh supervised and contributed to more than 18 important real estate projects in Dubai, the latest of which is the Maya Townhouse project in the Majan area in the heart of Dubai Land. Moreover, He also participated with the Dubai Land Department in launching initiatives, the most important among which is the crowdfunding and collective ownership initiative, and other significant ones.
Tabbakh said that the recent record real estate transactions that took place in Dubai confirm its leadership as a top global destination for property investment, as the Emirate is now competing with none but itself, to be the ideal place for visitors and residents, as it has succeeded in strengthening its leadership position among the most important real estate markets in the world, soaring far beyond all markets, exceeding all expectations.
He added that Dubai is witnessing an increasing interest from the part of investors around the globe, in a new testament of the advanced level of confidence that the Emirate enjoys among global investment ambiences, in light of the growth and sustainability of its economy and the highest levels of safety and stability that characterize its investment environment, not to mention the vitality of its real estate sector and its future prospects, at a time when the currently completed real estate projects, along with the projects under construction, meet the growing demand in the real estate market and are consistent with the aspirations of investors of different nationalities.
“The status quo of the real estate market in Dubai is not just a “trend” or a temporary situation, but rather it is the result of an unprecedented maturity within the market, along with continuous development in the world-class infrastructure, and the continuous improvement of the Emirate’s position, while providing an integrated climate to attract capital, stability and work therein”. Tabbakh stated.
“The Dubai real estate market is still dazzling the clients with record transactions recorded, and it seems that this momentum will continue, benefiting from all local market factors as well as external fluctuations, be they economic or geopolitical “, he added.
Tabbakh clarified that the current real estate momentum is attributed to many factors, including, the increase in population and the attractiveness of Dubai, which attracted capital from all over the world, a matter that in turn increased the demand for real estate investment, in addition to residence and living to take advantage of all the ingredients provided by the Emirate and are deemed the best in the world.
He underscored the fact that the market provides more investment options that suit all categories, and companies have sufficient flexibility to respond to all customer aspirations, and introduce all required technologies. Moreover, the Emirate also provides a legislative environment that takes into account the rights of all, and maintains the discipline of citizens and foreigners alike without discrimination, as well as the speed of litigation, which strengthens investor confidence and motivates them to seek permanent residence, let alone the adoption of best practices and legislation within the real estate market, which regulate the processes of real estate ownership, off-plan sales, or leases.
“I think that the record demand in the last three years has not reached its peak yet, and is continuing with the Dubai’s economy shifting towards sustainable development and maintaining it through the vision of wise leadership and effective government initiatives“, Tabbakh concluded.