Dubai real estate market continues to strengthen its position as one of the world’s leading real estate markets. The emirate has witnessed the launch of numerous new real estate projects that meet the aspirations of both investors and residents.

This ongoing momentum in Dubai real estate market parallels the continuous expansion in the development of innovative residential, commercial, and tourism projects. From towering residential skyscrapers to massive commercial complexes, Dubai real estate market continues to grow at an unprecedented rate, driven by the expansion of the local economy and the attraction of foreign investments, making Dubai the ideal destination for investors and real estate developers worldwide.

According to data released by the Dubai Land Department, the emirate has had a strong start in 2024. From the beginning of the year until this November, around 336 new real estate projects were initiated, with a total cost of 80 billion dirhams.

The figures indicate that this momentum in real estate projects reflects Dubai’s ambitious vision to reshape its urban future and enhance its appeal as a global hub for business and tourism.

Recent reports have also shown a significant increase in off-plan sales in Dubai, rising by more than 50% in the third quarter of 2024 compared to last year.

According to a report by the real estate consultancy firm “JLL,” sales transactions have increased by 35% during the first nine months of this year. Additionally, data from the Dubai Land Department indicates that real estate sales from the beginning of the year until November 2024 have risen by 33%, surpassing the 437 billion dirham mark.

These record figures are redefining the landscape of the real estate market in the emirate, forming a solid foundation for achieving the goals of Dubai’s real estate sector strategy for 2033, which aims to increase real estate transactions by 70%.

In a related context, Arabian Hills Real Estate Development Company announced the launch of the second phase of its “Arabian Hills Estate” project with investments estimated at around 22 billion dirhams over 224 million square feet. This step reflects the company’s commitment to developing modern and sustainable residential communities that meet the aspirations of the coming phase.

Amid this significant momentum, many companies have launched initiatives for external expansion, organizing informational tours in markets such as Pakistan and Sri Lanka to highlight the exceptional investment opportunities that Dubai offers as a luxurious destination for living and investment. Among the prominent companies is Domain Real Estate, which recently announced the launch of dedicated events in these markets.

Bassem Abu Quraish, the CEO of Domain Real Estate, stated that this continuous momentum in real estate projects reflects the increasing confidence of investors in Dubai real estate market. This confidence is attributed to a variety of factors, most notably the strong economic recovery, the quality of projects, the diversity of investment options, and the attractive tax environment, in addition to the advanced infrastructure and government policies that encourage investment, such as the golden visa programs and legislative facilitations.

He added that Domain Real Estate has a vision to expand its business internationally and strengthen the connections between Dubai’s luxury real estate and the upscale lifestyle sought by clients. With this partnership, Domain Real Estate reaffirms its leadership in providing an exceptional experience and services that focus on customer needs.

He pointed out that the record figures achieved by Dubai’s real estate since the beginning of this year are redefining what is possible in the Dubai real estate market. This significant growth and the general trajectory of market activity will provide a solid foundation for achieving the ambitious goals of Dubai’s Real Estate Sector Strategy 2033, which aims for a 70% growth in real estate transactions, underscoring the continued momentum of the real estate sector in the Emirates.

Preliminary figures for last October indicate the launch of 48 new residential projects, adding more than 15,000 off-plan units to the market. This contributes to a record total of approximately 99,000 units across more than 343 projects this year.

This increasing number of active developers in the market has led to a much broader diversity of product offerings. While the launches in 2023 largely focused on the luxury and ultra-luxury segments, 2024 has brought projects across a wider range of price points.

Read also, Dubai Real Estate Market: A Look To 2025

With more than 250 additional projects in the planning stages being tracked by the real estate monitoring team, we expect new launches to maintain historically high levels throughout the rest of 2024 and into 2025. Apartments, townhouses, and villas constituted the majority of sales in October, accounting for 94.9% (17,151 transactions). The highest-traded types of commercial properties were office spaces (1.5%), hotel apartments (1.04%), and vacant land (0.91%).