The UAE’s real estate market continued to exhibit robust growth in the first half of 2024, driven by the country’s economic and financial stability. The introduction of new, world-class projects to meet the growing demand for various property types has attracted significant investment.
Reports indicate that major real estate companies have initiated large-scale projects since the beginning of the year, offering a diverse range of investment options and promising opportunities for investors and individuals seeking to live and work in the UAE.
With the introduction of new infrastructure and real estate projects across the country by both public and private sectors in 2024, the UAE’s real estate market is projected to maintain its upward trajectory. Several residential, commercial, and office towers and complexes were launched in 2024 to accommodate the increasing number of companies and projects. Dubai, in particular, accounted for a significant portion of new real estate projects, with over 12 new developments introduced by companies such as Emaar, Deyaar, and Dubai Investments, in addition to the expansion of Dubai Mall.
The number of residential units in Dubai surged to 736,000 after the completion of approximately 6,600 new units in the first half of the year. Furthermore, an additional 20,000 residential units are expected to be delivered in the second half of 2024.
According to data released by the Dubai Land Department, the emirate’s real estate market attracted around 50,000 new property buyers during the period. The industry achieved remarkable results, with a total real estate transaction value of AED 346 billion, reflecting a 23% year-on-year growth, and approximately 100,520 transactions were recorded.
Sharjah unveiled seven new real estate projects covering a total area of 16.2 million square meters in the first half of the year. Notably, two projects, Burj Fardis in Al Mamzar and Anantara Sharjah Residences in Al Rifa, obtained permits for sales to non-citizens and Gulf nationals. This expansion has contributed to Sharjah solidifying its position as a top real estate destination. The emirate recorded a total property transaction value of AED 18.2 billion in the first half, representing a 35.6% year-on-year growth, according to the Sharjah Real Estate Registry. This surge can be attributed to increased investor confidence, driven by factors such as stable property prices in Dubai and a growing economy.
Ras Al Khaimah also introduced approximately four new real estate projects.
The UAE’s real estate market experienced significant growth in the first half of 2024. Major real estate companies have launched new projects, offering attractive investment opportunities. In Dubai, the number of residential units has increased to 736,000, and the transaction value has reached AED 346 billion. Sharjah and Ras Al Khaimah have also introduced new projects, playing a significant role in attracting investors.
Source: https://www.propertynews.ae
