Dubai Real Estate Market Thrives as Demand for Homeownership Grows

Saturday, 9 November 2024

As demand for homeownership escalates, Dubai’s real estate developers are actively launching new projects. With the population increasing and significant infrastructure developments underway, the market continues to show strong growth.

Key Points:

• Strong Demand: The real estate market in Dubai is witnessing aggressive new project launches due to high demand from residents and tenants seeking ownership.
• Market Confidence: Developers, both new and established, are motivated to initiate projects, anticipating sustained market growth.
• Infrastructure Developments: The relocation of Dubai International Airport (DXB) and the upcoming Blue Metro Line are key factors driving demand for real estate.
• Population Growth: Over 140,000 new residents joined Dubai in the first 11 months of 2024, contributing to rising property prices and rents.
• Transaction Surge: There were over 125,000 residential transactions in the nine months ending September 2024, marking a 36% increase compared to the previous year. Residential sales reached Dh86 billion for off-plan properties and Dh33 billion for ready-to-move-in homes.
• Recent Launches: Developers such as Amwaj Development, Nabni Developments, Acube Developments, Kasco Developments, and Qube Development have recently unveiled one or two new projects each.
• Future Housing: Approximately 250,000 homes are currently under construction to accommodate Dubai’s ongoing expansion.
• Market Trends: The third quarter of 2024 set a record with over 47,300 properties sold, driven primarily by off-plan sales, which accounted for 66% of transactions. Richard Waind, CEO of Betterhomes, noted that secondary sales have remained stable over recent quarters.