120 projects launched in first quarter of 2024 in Dubai, housing 34,000 units
Dubai’s real estate market has seen a surge in activity in the first quarter of 2024, with both local and international developers launching new projects at a rapid pace. According to Cavendish Maxwell’s Property Monitor, preliminary data indicates nearly 30 new off-plan projects were introduced in March alone, adding a significant 10,000 units to the market. This translates to an average of more than one new project launch per day during the first quarter.
Dubai Real Estate Market Booms in Q1 2024
A surge in developer activity and record-breaking sales transactions characterized Dubai’s real estate market in the first quarter of 2024.
Unprecedented Project Launches
- A remarkable 34,000 units were launched across 120 projects in Q1, averaging a new project launch every 18 hours.
- This momentum is expected to continue, with over 100 additional projects in the pipeline.
- Major developers like Emaar Properties, Danube Properties, Deyaar Development, and Aqua Properties all contributed to the launch activity.
Foreign Investor Confidence Fuels Demand
- Lower property prices compared to other major cities and investor confidence in Dubai’s market are driving demand.
- Sales transactions rose 14.7% in March, setting a new monthly record. The majority (92%) were residential transactions.
Off-Plan Market Thrives
- Off-plan transactions reached a historic high in March, with 7,768 units sold, representing a 21.7% increase from February.
- This segment now holds a 56.9% market share, the highest since 2009.
Challenges for New Entrants
- The influx of projects intensifies competition, demanding strategic positioning from developers.
- Established players with diverse offerings and niche developers catering to luxury segments are likely to perform well.
- Newer developers may face challenges and potentially need to adopt buyer-friendly incentives to attract customers.
News Source: khaleej Times
