Dubai real estate market developers have dismissed concerns about a market slowdown, expressing confidence that they will sell their projects in 2025 just as quickly as they have in the past few years. This optimism is driven by strong demand from investors and end-users for projects backed by well-known developers in prime locations.
Key Numbers:
- 180,900 transactions – Expected in Dubai real estate market in 2024.
- AED 522.1 billion – Total transaction value (+36% volume, +27% value).
- 72,000 new units – Set for construction in 2025 to balance the market.
- 1,700 units in 2 months – Fast sales for an HRE Development project.
Several real estate analysts have stated that data indicates the market is slowing down after a strong four-year surge, which has driven prices and rents to record-high levels.
Wisam Breidy, CEO of HRE Real Estate Development, believes that projects will be sold “at the same pace” because more new residents are coming to Dubai.
“We don’t have many units in the market. People are demanding units. When we launch a project, we sell 1,700 units within two months. There is huge demand in the market. Dubai is unique, and everyone wants to be in Dubai,” Breidy said.
He added, “From my perspective, projects will sell more and more at an even faster pace because everyone wants to be here.”
In 2024, Dubai real estate market is set for a record-breaking year, with new milestones being reached throughout the year. The market is expected to peak with 180,900 transactions valued at AED 522.1 billion, marking an increase of 36% and 27%, respectively.
Christopher Sena, Head of Development Sales & Advisory at Betterhomes, predicted that property prices will stabilize in 2025, supported by the construction of over 72,000 new residential units, which will help create a more balanced market environment.
The strong demand for residential properties in Dubai has also driven many new foreign developers to enter the market to meet the supply shortage.
Mehdi Kavousi, Chairman of PAMAX, stated that Dubai real estate market is on an upward trajectory, and therefore, they aim to capitalize on future opportunities.
During the launch event of the company’s operations in Dubai, Kavousi said: “With growth expected to continue in the coming years, we look forward to bringing a new era of luxury living to Dubai.”
Haider Ali Khan, CEO of Dubizzle Group MENA, stated that Dubai real estate market has truly outperformed itself.
Khan said, “It is evident that this remarkable growth is driven by the proactive initiatives taken by the government, including revised property visa offerings and the expansion of freehold areas. Given Dubai’s strong economic progress and the announcement of major infrastructure projects such as the Dubai Metro Blue Line and Al Maktoum Airport, this momentum is unlikely to slow down anytime soon. Demand for real estate is at an all-time high, with the property sector, in particular, attracting unprecedented interest.”
Wisam Breidy cited, for example, that 1,100 units of HRE Development’s SkyHills One project were sold within a month and a half, 600 units of SkyHills 2 were sold within a month, and 500 units of SkyHills 3 were sold within a month and a half last year.
He dismissed concerns about a market slowdown.
Speaking on the sidelines of the launch of the SkyHills Astra twin towers, which comprise 1,700 units in Al Barsha South, Breidy said:
“I don’t think so because people will always have an appetite for this market—especially now, with the entire region growing. Previously, Dubai and the UAE were the only ones branding this region. They were fighting alone. Now, you have Saudi Arabia, Qatar, and Bahrain also taking action and promoting the region.”
Read also, Dubai real estate developers achieve record profits driven by international buyers.
Every apartment sold in SkyHills Astra will contribute to enhancing education for children in developing countries. Residents of the project will receive personalized certificates from Dubai Cares and HRE Development, recognizing their role in supporting quality education for children in developing nations.
