Between January and July 2024, 77,800 new residential units in Dubai were added, reflecting a significant increase in demand for new housing in the emirate, according to a recent report from Emirates NBD.
The report reveals that this figure represents a 113% increase compared to the period from 2014 to 2019, which saw the launch of approximately 36,500 units. With the ongoing activities of real estate developers, it is expected that the total number of new residential units in Dubai will approach the record set last year, which was 107,000 units.
Emirates NBD highlighted that Dubai is among the few cities globally in which over 100,000 new residential units are launched annually
Just in July, many prominent projects were unveiled. This includes the “Fairmont Residences Solara” tower with 250 residential units and the “Altos 1 and 2” towers by Emaar Properties in the Dubai Creek area. In addition, Binghatti developers launched the “Grove” project with 414 units, while Iman developers introduced the “One Sky Park” project with 581 units in the Jumeirah Village Circle area.
Simultaneously, demand for off-plan units continued to rise, with around 10,160 units sold in July, accounting for 66% of total demand. Dubai Hills Estate emerged as the most active area in terms of transactions.
Jumeirah Village Circle was the most active area this year, with approximately 10% of the 90,000 units launched in Dubai being sold there. This is due to its affordable prices and advanced infrastructure.
By the end of 2024, the market is expected to deliver around 38,700 additional residential units, with ongoing projects in prominent areas such as Business Bay, Jumeirah Village Circle, and Meydan.
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