The Dubai real estate market will see a lot of new project launches because there are nearly 200 more projects in various developers’ pipelines.
Following their eight-month debut, new project launches sold nearly 86,000 units, bringing in a total of Dh213.7 billion. The most current Property Monitor report from Cavendish Maxwell projects that the numbers will surpass Dh272 billion from the prior year.
“With nearly 200 additional projects in the planning phases being tracked by the Property Monitor team, we anticipate that new launches will maintain their historically high levels throughout the remainder of 2024 and for a further 35,000-40,000 units to enter the off-plan market.”
“A significant growth of new development activity across myriad pricing segments and communities is expected, particularly for apartments in Dubai Islands, Jumeirah Garden City, Dubai Maritime City, Motor City, and Dubai Land Residence Complex, as well as single-family units — townhouses and villas — in The Valley, The Acres, The Oasis, and The Height Country Club,” according to the report.
A significant number of foreign developers have also moved into Dubai during the past two years in an attempt to capitalize on the exceptional demand for off-plan properties from both locals and investors. The population of the emirate has increased dramatically to 3.781 million, and rental and price growth has followed.
August saw 16,145 sales transactions, up 0.28 percent from the previous year to make it the second-highest month overall and the highest August volume ever.
“Absent any significant economic, geopolitical, or unforeseen global events, current market conditions are likely to provide for continued growth throughout 2024. On a year-on-year basis, prices have increased by 17.7 per cent in August and now marks 42 straight months of year-on-year increases, while on a year-to-date basis, prices have increased by 11.5 per cent in August 2024 compared to 10.9 per cent in August 2023,” said Cavendish Maxwell’s report.
“Dubai’s property market continues to show strong momentum with notable price growth. The surge in off-plan project sales is a significant driver, while high transaction volumes reflect sustained buyer confidence, despite the temporary dip in mortgage activity,” said Zhann Jochinke, director of market intelligence and research at Cavendish Maxwell.
In August 2024, there were 16,145 sales transactions, a 0.2% increase from July 2024. According to the report, there was a 6.5% monthly increase in the percentage of Oqood registrations compared to Title Deed property transactions during the month, with Oqood registrations accounting for 64.8% of all transactions.
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