New Dubai Property Developments: Developers Prioritize Deliveries Amid Market Stability
Dubai’s real estate market is experiencing a period of remarkable stability, with property developers shifting their focus from launching new projects to delivering existing ones. This strategic move aims to balance supply and demand, ensuring that the market remains robust and sustainable. According to recent reports, Dubai’s residential stock is set to cross 760,000 units by the end of 2024, reflecting the dynamic growth and confidence in the market.
A Shift in Strategy: Prioritizing Deliveries Over New Launches
In 2024, property developers in Dubai are expected to complete 42,241 units, including 31,341 apartments, 9,909 villas and townhouses, and 991 commercial properties. This shift in focus signifies that the supply has caught up with the demand, allowing developers to concentrate on delivering quality homes to their clients. So far, 13,815 units have been completed, featuring 11,035 apartments, 2,562 villas and townhouses, and 218 commercial properties within 64 projects.
Market Stabilization and Its Impact
The stabilization of the market is evident from the sales transactions recorded in the first half of 2024. A total of 80,118 properties valued at Dh233.1 billion were sold, showcasing the high demand for real estate in Dubai. This trend is further supported by the completion of 35,160 properties in 2023, which included 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects. By the end of 2023, the residential stock reached 719,000 units, paving the way for the anticipated growth in 2024.
Factors Driving the Market Growth
Several factors contribute to the ongoing growth and stability of Dubai’s real estate market. One significant factor is the introduction of new resident visas, which has attracted more than 25,000 new residents in the first quarter of 2024 alone. Additionally, major infrastructure projects such as the new airport in Dubai South, new metro stations, and the Etihad Railway have bolstered interest in nearby areas. These developments, coupled with the availability of top-notch amenities and the launch of new off-plan projects, have spurred a surge in demand for both luxury and affordable properties.
The Role of Leading Developers
Leading developers like Emaar Properties, Nakheel, and Dubai Properties continue to dominate the market with their high-quality projects and timely deliveries. However, smaller developers like Marquis Developers are also making significant contributions. Marquis Developers, for example, has successfully launched and delivered homes, including their Marquis Signature project in Arjan. This project’s handover was attended by Marwan Bin Ghalita, Director-General of Dubai Land Department, highlighting the importance of timely deliveries in building customer trust and satisfaction.
Economic Impact and Future Outlook
The UAE’s economy is projected to grow by 5.7%, driven by international investments and buyers. This growth is reflected in the real estate sector, where the sale of homes priced above US$10 million increased by 19% in the first quarter of the year. The investor-friendly environment, freehold areas, and iconic architecture continue to attract high-net-worth individuals seeking an opulent lifestyle.
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