Dubai, UAE – The real estate market in Dubai is showing signs of stabilization, with developers shifting their focus towards the delivery of completed properties rather than launching new projects. This strategic move is a response to the balancing of supply and demand in the market. By the end of 2024, Dubai’s residential stock is expected to surpass 760,000 units, according to the latest figures from the Dubai Land Department.
In 2024, developers are set to complete 42,241 units, including 31,341 apartments, 9,909 villas and townhouses, and 991 commercial properties. As of now, 13,815 units have been delivered, featuring 11,035 apartments, 2,562 villas and townhouses, and 218 commercial properties across 64 projects.
Last year, 35,160 properties were completed, which included 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects. This brought Dubai’s total residential stock to 719,000 units by the end of 2023.
Market Transactions and Economic Growth
Despite the market’s stabilization, property sales transactions in the second quarter of 2024 have declined. Dubai Land Department statistics show that a total of 80,118 properties valued at AED 233.1 billion were sold in the first half of 2024. In Q2 2024 alone, 43,612 land and properties worth AED 124.6 billion were sold, representing a 44.1% increase compared to Q2 2023. This includes 33,704 apartments, 5,887 villas, 2,891 plots of land, and 1,130 commercial units.
However, mortgage transactions have shown growth, with 8,989 transactions recorded in Q2 2024, up by 6.8% from Q2 2023, and valued at AED 44.3 billion, marking a 34.8% increase.
Developers and New Projects
Prominent developers such as Emaar Properties, Nakheel, Dubai Properties, Wasl Properties, Ithra, Damac Properties, Danube Properties, Sobha, and Azizi continue to lead in property delivery and launches. Smaller developers like Marquis Developers also contribute significantly, albeit quietly. Marquis Developers recently launched the Marquis Insignia project and commenced the handover of 91 residential and commercial units of its Marquis Signature project in Arjan.
Marquis Developers’ Managing Director, Mezuk Mohamad, expressed satisfaction with their progress: “We are delighted and honoured to deliver these homes to our eagerly awaiting customers. Witnessing the joy on their faces as they receive their keys is truly gratifying and underscores our unwavering dedication to our valued clients and the real estate sector.”
Investor Confidence and Market Trends
Haider Ali Khan, CEO of Bayut & Dubizzle, noted, “Dubai’s property market has yet again witnessed a period of remarkable growth. The city’s appeal is bolstered by enhanced investor facilitation, transparent property transactions, and the introduction of new off-plan projects.”
Dubai’s attractiveness is further enhanced by new resident visas and infrastructure projects, including the new airport in Dubai South, new metro stations, and the Etihad Railway. These developments have driven interest in nearby areas and contributed to a surge in property searches for both luxury and affordable options.
Economic Outlook and High-Value Sales
The UAE’s economy is projected to grow by 5.7%, driven by international investments and buyers. Knight Frank reports a 19% increase in the sale of homes priced above USD 10 million in Q1 2024, reflecting Dubai’s appeal to affluent buyers. The city’s investor-friendly environment, freehold areas, and iconic architecture continue to draw high-net-worth individuals.
Sean McCauley, CEO of Devmark, observed, “Developers of both branded and non-branded residences continually innovate to distinguish themselves through unique offerings, resulting in a series of developments with distinctive amenities.”
Marquis Developers’ Commitment
Navas Khan, Chairman of Marquis Developers, emphasized the company’s commitment to quality and customer satisfaction: “Trust is the cornerstone of our business, and timely delivery of superior homes is instrumental in fostering customer confidence. Our track record over the past eight years speaks volumes about our dedication to quality and customer satisfaction.”
Operating as a Shariah-compliant and debt-free enterprise, Marquis Developers maintains a steadfast focus on delivering excellence. The Marquis Signature development in Arjan offers a favorable 60:40 payment plan, easing financial strain on buyers.
“Our successful delivery of the Marquis 2020 project amid the challenges of the COVID-19 pandemic showcased our resilience and earned us industry recognition,” Mohamad added.
As Dubai’s real estate market continues to stabilize and evolve, the focus on delivering quality properties on time remains a key driver of investor confidence and market growth.
