Dubai Housing Market Swells: 64,400 Units Expected in 2024

 

  • Dubai's residential property market is experiencing a surge in deliveries, with approximately 6,500 homes completed in the first three months of 2024, according to a recent report by Land Sterling. This uptick is indicative of Dubai's stability as a real estate investment destination.

    The report forecasts that by the end of the year, a total of around 64,400 residential units will have been delivered, surpassing the previous year's figures. During the first quarter, apartments made up 75% of completed projects, while villas comprised the remaining 25%.

    Notable areas witnessing high property handovers include Meydan One in Mohammed Bin Rashid (MBR) City, Jumeirah Village Circle (JVC), and Al Furjan. Looking ahead, it's anticipated that roughly half of the upcoming supply will be transferred to buyers within the year, with significant future handovers expected in MBR City, JVC, Damac Lagoons, and Business Bay.

    “The first quarter of 2024 has been a period of robust activity for Dubai’s residential sector. The strong increase in new unit deliveries… underscores the market’s resilience and the sustained demand for high-quality residential properties,” noted Edward Sanders, Managing Director of Land Sterling.

    Despite challenges, demand for properties remains strong, with the first quarter of 2024 recording over 35,300 sales transactions valued at around AED 88.8 billion ($24.17 billion), marking a significant increase compared to the previous year. 

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