With Dubai’s real estate market stabilizing, developers are prioritizing completing existing projects as supply meets demand. This year, they’re expected to deliver a significant number of units, including apartments, villas, townhouses, and commercial properties. So far, progress is on track with thousands of units already completed across various projects.
” This year, 42,241 units are expected to be completed by developers, including 31,341 apartments, 9,909 villas and townhouses, and 991 commercial properties. “
– KhaleejTimes
Construction is progressing well, with 13,815 units completed so far. These units include 11,035 apartments, 2,562 villas and townhouses, and 218 commercial properties across 64 projects.
” In 2023, as many as 35,160 properties were completed, including 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects, taking the residential stock of properties in Dubai to 719,000 units by the end of 2023, according to market reports quoting Dubai Land Department figures. “
Dubai’s residential stock is on track to surpass 760,000 units by year-end thanks to ongoing deliveries. This significant supply increase is expected to bring the property market to a more balanced state.
However, data from the Dubai Land Department reveals mixed signals. While the market shows signs of stabilization, sales transactions dipped in the second quarter of 2024.
With over 80,000 properties sold in the first half of the year for a combined value of Dh233.1 billion, overall activity remains strong, but the decline in sales transactions suggests a potential cooling-off period.
Dubai’s real estate market saw strong activity in Q2 2024, with sales reaching Dh124.6 billion across 43,612 land and property transactions. This represents a 44.1% increase compared to the same period in 2023. Notably, apartments dominated sales with 33,704 units, followed by villas (5,887), plots of land (2,891), and commercial units (1,130).
Mortgage activity also showed positive signs. Q2 2024 saw 8,989 mortgage transactions, reflecting a 6.8% increase from the previous year. The value of these transactions reached Dh44.3 billion, a significant 34.8% jump compared to Q2 2023.
Dubai’s real estate market for land and properties experienced a sharp decline in Q2 2024 compared to the same period in 2023. The total number of transactions plummeted by 62.5%, dropping to 12,152 transactions valued at Dh33.9 billion.
This decline impacted all property types:
- Apartments: Sales of apartments saw a significant drop of 56.6%, with only 10,041 units sold for a total value of Dh18.8 billion.
- Villas: The villa market faced an even steeper decline, with sales falling by 75.5%. Only 999 villas were sold, totaling Dh5.4 billion.
- Land Plots: Land sales also took a hit, decreasing by 58.9%. Q2 2024 saw 796 plots sold for Dh9.2 billion.
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Dubai’s real estate landscape thrives on the contributions of both established giants like Emaar Properties, Nakheel, Dubai Properties, Wasl Properties, Ithra, Damac Properties, Danube Properties, Sobha, Azizi, who frequently make headlines with project launches and deliveries, and the dedicated efforts of smaller developers. While the bigger players garner more attention, the smaller firms play a crucial role in the market’s overall growth.
Unlike some larger developers who garner significant attention, Marquis Developers has quietly carved out its niche in Dubai’s real estate market. This approach extends to their recent project launches, including the Marquis Insignia. Marquis Developers recently marked a milestone with the handover of 91 residential and commercial units at their Marquis Signature project in Arjan. The event even drew the participation of Marwan Bin Ghalita, Director-General of Dubai Land Department, highlighting the significance of this achievement.
“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”
Mezuk Mohamad, Managing Director of Marquis Developers, said.
“Dubai’s property market has yet again witnessed a period of remarkable growth. We continue to see an upward trend driven by a variety of factors including enhanced investor facilitation, transparent property transactions, and the introduction of new off-plan projects amongst others.”
Haider Ali Khan, CEO of Bayut & Dubizzle and Head of Dubizzle Group Mena, said:
Dubai’s allure as a global city has only intensified with the introduction of new resident visas, attracting a wave of newcomers. Over 25,000 residents arrived in the first quarter of 2024 alone, fueling demand for property. This surge in population is further amplified by infrastructural developments like the new Dubai South Airport, expanding metro network, and Etihad Railway, boosting interest in nearby areas.
Beyond demographics, the market benefits from a healthy mix of offerings. Buyers have access to both newly launched off-plan projects and readily available properties, catering to a range of budgets. Additionally, the focus on top-notch amenities and investor convenience creates an attractive overall package.
The combined effect of these factors is evident in the consistent monthly growth of property searches, encompassing both luxury and affordable options across popular areas. Dubai’s real estate market is experiencing a surge driven by a confluence of factors that cater to diverse needs.
