Dubai real estate sector is demonstrating unprecedented growth, with the second half of 2024 witnessing a surge in activity that far outpaces the first half. The market has been characterized by robust demand, which has consistently outstripped supply, driving property values upward.
The year 2024 has seen a remarkable influx of new properties, with over 40,000 off-plan units registered. This includes a significant number of apartments, townhouses, and villas, primarily concentrated in sought-after areas such as Jumeirah Village Circle, Mohammed Bin Rashid City, Arjan, Town Square, and Dubai South.
The second half of the year has been particularly dynamic, with residential unit handovers exceeding those of the first half by a substantial margin. This period has also been marked by a high volume of both mortgage and cash transactions, solidifying the market’s vitality.
Anticipating continued expansion, projections indicate a substantial increase in property supply over the next few years. This influx of new units is expected to help balance the market and address the current demand-supply disparity.
The market’s resilience and performance, highlighting the strong sales figures and successful project deliveries achieved in the first half of 2024. The optimism about the second half of the year, predicting sustained demand and reinforcing Dubai’s position as a premier destination for high-end real estate.
The market has exhibited robust performance across various segments. Villa capital values and apartment valuations have experienced significant annual growth, while residential rental rates have also increased substantially. Notably, the occupancy rate for the first half of 2024 stood at an impressive 87.7%.
Several high-profile projects have reached completion, including Creek Views 1 and 2, Murooj Al Furjan West, and Silver Springs 3, adding a substantial number of apartments and villas to the market.
Dubai real estate market is thriving due to a combination of factors, including strong investor confidence and the development of large-scale projects. The emirate’s appeal as a destination for luxury living, coupled with attractive rental returns, has drawn a diverse range of residents, investors, and global citizens.
