Dubai real estate sector will reach another new peak in 2024, and its growth is set to continue over the next two years, with a record 90,000 new homes entering the market.
The market’s ability to meet demand is demonstrated by 1,034 projects under construction and the annual launch of new units.
Figures released today by FAM Properties highlight the market’s ability to meet demand. 1,034 projects totaling 288,020 units are currently under construction.
At the same time, the record of 101,654 units launched annually in 2023 looks to be surpassed, with the total units for 2024 currently at 99,779 and still increasing.
In this context, Firas Al Msaddi, CEO of FAM Properties, said before the launch of the “Dubai Real Estate Summit – Change Makers,” which will be held on Thursday, October 24 in Dubai: “The influx of new properties reflects Dubai’s strong commitment to expansion and growth.”
He added: “There are 41,800 new units scheduled to enter the market in 2025 – a record number for a single year – and this will rise to 48,400 units in 2026. Meanwhile, the number of units to be delivered in 2027 and beyond is likely to be driven by projects launched from 2025 onwards, indicating continued activity in the coming years.”
He continued: “The market’s ability to meet demand is also evident in the consistency we see in the volume of properties launched annually. The total increased by more than 81% year-on-year in 2023, and this level is being matched this year.”
The “Dubai Real Estate Summit – Change Makers” will be held at the Coca-Cola Arena next Thursday. It is designed to provide aspiring professionals expert advice on succeeding in Dubai’s competitive real estate market.
Firas Al Msaddi will share the stage at the summit with Ryan Serhant, a top American broker and reality TV star, and Dr. Mahmoud Al Burai, Senior Director of Real Estate Policy and Innovation at the Dubai Land Department, who will provide insights into the future structure of the real estate sector in the emirate.
Al Msaddi said, “With the rapid growth we are witnessing, real estate developers and contractors face increasing pressure to streamline their purchasing processes.”
He added, “The real estate sector faces significant logistical challenges, including availability and delivery schedules, rising shipping costs, and the looming threat of global and regional geopolitical risks that could disrupt key trade routes. Despite these challenges, real estate development management teams are working tirelessly to ensure projects are delivered on time.”
The top five areas in Dubai in terms of units delivered so far this year are:
- Al Merkadh – 4,052 units
- Jumeirah Village Circle – 3,042 units
- Jebel Ali First Industrial Area – 1,518 units
- Wadi Al Safa 5 – 1,273 units
- Dubai Hills Estate – 1,212 units
The top five areas in terms of future real estate supply currently are:
- Jumeirah Village Circle – 29,174 units
- Business Bay – 19,322 units
- Dubai South – 17,925 units
- Wadi Al Safa 5 – 13,345 units
- Dubai Marina – 12,960 units
