As the appeal of homeownership continues to grow among UAE residents, Dubai is witnessing a surge in new property launches. Driven by unyielding demand from both buyers and tenants, real estate developers remain proactive, consistently rolling out new projects across the city. This trend reflects their optimism that Dubai’s real estate market will maintain its upward momentum.
Market Growth Fueled by Infrastructure and Population Expansion
Several key factors are contributing to sustained demand for real estate in Dubai. Major initiatives like the relocation of Dubai International Airport (DXB), the upcoming Blue Metro Line, which will enhance connectivity for communities along Sheikh Mohamed bin Zayed Road, and the city’s robust macroeconomic growth are drawing both investors and residents. Dubai’s population has grown by over 140,000 in the first 11 months of 2024, reaching a record high in property prices and rental rates. This demographic influx includes professionals and high-net-worth individuals, who are increasingly choosing Dubai as their base.
The real estate market’s momentum is evident in transaction volumes. In the nine months leading up to September 2024, Dubai recorded over 125,000 residential transactions, a more than 36% increase from the same period in 2023. The value of sales has also seen a boost, with off-plan sales reaching Dh86 billion and ready-to-move-in properties totaling Dh33 billion. According to Betterhomes’ third-quarter 2024 report, around 250,000 new homes are currently under construction, positioning Dubai well for future expansion.
Dubai’s property market has remained vibrant even during the typically slower summer months. The third quarter of 2024 set a new quarterly record with more than 47,300 properties sold. This growth has been largely driven by developer-led projects, with off-plan sales making up 66% of transactions. The secondary market, meanwhile, has shown stability across recent quarters.
Competitive Offers Draw More Buyers
The influx of new developers has heightened competition, prompting existing players to offer compelling deals to attract buyers. Many developers now provide flexible payment structures, with options such as 40% payment during construction and 60% on completion, or even 80% during the build phase and the remaining 20% at handover, catering to both first-time buyers and investors seeking quick returns.
Focus on Sustainability and Unique Amenities
Developers are prioritizing sustainability, integrating energy-efficient and environmentally responsible features into their projects. Buildings constructed with durable, low-maintenance materials not only support Dubai’s green goals but also offer residents long-term savings. Additionally, projects now commonly include unique amenities aimed at enhancing the residential experience, from jogging tracks to co-working spaces.
Leading the way in culturally resonant architecture, Nabni Developments recently launched Avenue Residence 7 in Al Furjan, set for completion in early 2027. This project blends Emirati heritage with modern design, incorporating influences from traditional dhow boats and Barjeel wind towers. The development includes amenities such as outdoor pools, a majlis lounge, a children’s play area, and a tranquil Ghaf garden, appealing to families seeking culturally meaningful living spaces.
“Our latest project reflects our commitment to innovation, quality, and sustainability,” said Khalid Alsuwaidi, Chief Commercial Officer of Nabni Developments. “We aim to meet the rising demand for family-friendly homes while honoring Emirati traditions.”
Emphasis on Modern Living and Technological Advancements
Developers are also capitalizing on demand for modern amenities and technology-driven living spaces. For instance, Amwaj Development’s Cube Residences features 54 fully furnished apartments equipped with advanced home automation systems. This development caters to tech-savvy residents who value both convenience and cutting-edge design.
“The Cube Residences embodies our dedication to innovative design and technology,” said Emad Saleh, founder and chairman of Amwaj Development. Residents of Cube Residences will enjoy amenities such as co-working areas, a fitness center, gaming rooms, and rooftop wellness facilities.
Local Manufacturing and Cost-Effectiveness
To reduce import costs, developers are increasingly emphasizing local production. Acube Developments, for example, launched Acube Industries, a facility focused on interior design and manufacturing. This initiative aims to enhance efficiency and cost-effectiveness for both Acube and other developers in the region.
“This facility marks a major step forward for local manufacturing,” stated Ramjee Iyer, Chairman and Managing Director of Acube Developments. “Our advancements in specialized machinery allow us to deliver precision, speed, and value to the UAE’s real estate market.”
Published On: Nov 4, 2024
Source: https://propertynews.ae/uae/as-more-residents-seek-to-own-a-home-dubai-continues-to-launch-new-property-projects/
