Dubai Real Estate Surges as New Property Projects Launch to Meet Unprecedented Demand
Dubai, UAE — The Dubai real estate market is witnessing an extraordinary surge in property launches, driven by robust demand from residents and newcomers eager to own a home. In the first nine months of 2024, Dubai recorded over 125,000 residential transactions, marking a remarkable 36% increase from the same period in 2023. The combined sales value for these transactions reached AED 86 billion in off-plan and AED 33 billion in ready properties, underscoring the city’s booming real estate sector.
As Dubai’s population grew by more than 140,000 residents in 2024, property developers are rolling out new projects at an accelerated pace, with some developers launching up to two new projects each week. Prominent new players such as Amwaj Development, Nabni Developments, Acube Developments, Kasco Developments, and Qube Development are contributing to the supply pipeline, which currently has around 250,000 homes under construction, according to Betterhomes’ Q3 report.
“Hot Market Driven by New Projects and Growing Demand”
“The market over the summer was hot, setting a new quarterly record with over 47,300 properties sold. Off-plan sales dominated, comprising 66% of all transactions,” noted Richard Waind, CEO of Betterhomes. This trend is attributed to ongoing government initiatives, such as the planned relocation of Dubai International Airport (DXB) and the construction of the new Blue Metro Line, which will connect communities along Sheikh Mohamed bin Zayed Road and Emirates Road.
With competition intensifying, developers are offering attractive payment plans and unique amenities. Nabni Developments, for example, provides buyers with a 40/60 payment structure, requiring 40% of the cost during construction and 60% upon completion. Others, including prominent players in the sector, are offering 80% during construction and 20% at completion.
“Innovative Offerings and Amenities”
To cater to the evolving preferences of buyers, developers are incorporating sustainable and family-friendly features into their projects. Nabni Developments’ latest offering, Avenue Residence 7 in Al Furjan, is inspired by Emirati heritage, featuring an architecture reminiscent of Barjeel wind towers and traditional dhow boats. The project, set for completion in early 2027, will include amenities such as swimming pools, a Ghaf garden, a fitness studio, and a dedicated children’s play area.
The Cube Residences by Amwaj Development is another unique addition to Dubai’s property market. Offering fully furnished apartments equipped with advanced home automation systems, The Cube also features ground-floor co-working spaces, coffee lounges, a concierge reception, and rooftop amenities like a fitness club, sauna, and gaming room.
“Focus on Local Manufacturing”
Developers are also investing in local manufacturing to enhance cost-effectiveness and reduce dependency on imported materials. Acube Developments has launched Acube Industries, a facility dedicated to interior design and manufacturing for the UAE’s real estate market. This initiative is set to reduce costs while enabling precision and speed in project completion.
Outlook for Dubai Real Estate
With strong market fundamentals, an expanding population, and an influx of high-net-worth individuals, Dubai’s real estate market is expected to remain resilient. As developers continue to launch innovative and sustainable projects, industry experts are optimistic that demand for Dubai property ownership will maintain its upward trajectory, providing residents and investors with diverse options in the UAE’s dynamic market.
