Dubai is poised to achieve a new milestone in its real estate sector, with an estimated 38,174 new housing units set to be delivered in 2024. This record-breaking figure underscores the robust growth and sustained demand within the emirate’s property market.
According to a recent report by ValuStrat, a leading property consultancy, the first half of the year witnessed the handover of 6,939 apartments and 2,145 villas, accounting for 20% of the total projected deliveries for 2024. Notable projects completed during the second quarter include Damac Hills’ Silver Springs 3 with 258 villas, Mudon Al Furjan West with 161 units, and the apartment projects Creek Views 1 and 2 with 634 and 587 units respectively.
“Haidar Tuaima, Director and Head of Real Estate Research at ValuStrat, said: ‘Dubai’s real estate market continues to face strong demand. The upward trend in valuations and rents across various segments indicates that the market cycle is in its upward phase.’ He added: ‘As the market stabilizes and matures, monitoring these trends and adjusting strategies accordingly will be crucial for maximizing investment returns.’ Government initiatives such as the extension of the 10 year UAE Golden Visa and the granting of residency permits to remote workers and retirees have contributed to the recent boom in the UAE’s real estate market. The real estate market is supported by the overall growth of the UAE economy as a result of diversification efforts.”
Several factors are contributing to Dubai’s real estate surge:
According to a report released earlier this year by Knight Frank, sales of properties priced at $10 million or more nearly doubled last year, reaching $7.6 billion, setting a new record for Dubai’s prime luxury market and surpassing both London and New York. Dubai’s real estate market has been influenced by the increasing creation of wealth worldwide. According to Betterhomes, Dubai has become a popular destination for wealthy individuals seeking to diversify and secure their assets in the face of geopolitical instability.
Dubai villa market, in particular, has exhibited strong performance, with annual growth of 33.4% and quarterly growth of 7.3%. Palm Jumeirah, Jumeirah Islands, Dubai Hills Estate, and Emirates Hills have been among the top-performing locations. Apartments have also seen value appreciation, with annual growth of 23.4% and quarterly growth of 5.4%.
Despite facing challenges such as record-breaking rainfall in April, the Dubai real estate market has shown remarkable resilience. The timely response of developers and authorities in mitigating the impact of the floods has helped to maintain market confidence.
As we said in this new news from dxboffplan, Dubai’s real estate market is experiencing a period of sustained growth, driven by a combination of factors including government initiatives, economic diversification, and global investor interest. As the emirate continues to evolve as a global business and lifestyle hub, its property market is expected to remain resilient and attractive to both local and international investors. If you have any questions about buying a Property in Dubai, please contact our experts.
Source: https://www.propertynews.ae
