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Dubai's real estate market is poised for significant growth, with over 30,000 residential units expected to be handed off in the second half (H2) of 2024, according to a report by W Capital, a leading real estate brokerage firm in Dubai.
The report highlights that the number of new units handed off in 2024 will total approximately 48,000, up from over 17,000 in H1-24.
This increase aligns with projections for new deliveries, indicating a robust growth trajectory for the market.
Despite the surge in new units, the market remains imbalanced, with demand outstripping supply. However, W Capital's report suggests that this imbalance may be corrected in the coming years, with hand-offs potentially exceeding 65,000 units next year and reaching 70,000 units by 2026.
Walid Al Zarooni, CEO of W Capital, stated: "The Dubai market proved solidarity again during 2024 through record sales numbers and new deliveries that met expectations in the first half of the year."
“The market has reached a state of maturity that has contributed to supporting growth and breaking unprecedented limits,” Al Zarooni noted.
Al Zarooni emphasised the continuous prosperity and growth of Dubai's real estate sector, driven by strong investor confidence and the launch of large-scale projects by developers across the emirate. He noted that off-plan properties, preferred by investors for their higher returns of up to 10%, maintain the momentum of the market.
Dubai is experiencing an unprecedented real estate boom, attracting foreigners who seek safe investments and residency options provided by the government. Al Zarooni highlighted the emirate's appeal to new residents, investors, and individuals looking for luxurious properties, which offer higher rental returns compared to many global markets.
"The growth track of the Dubai real estate market during H1-24 is amazing, and we expect this performance to continue in the second half of the year," Al Zarooni added, predicting sustained demand fueled by Dubai's allure as a prime destination for high-end real estate.
The report underscores the significant maturity and resilience of Dubai's real estate sector, setting the stage for continued growth and record-breaking achievements in the near future.
Earlier in July, DHG Properties revealed that the growth rate of Dubai’s residential real estate prices rose from 20.30% in February 2024 to 20.70% March.
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