Dubai’s real estate market is about to experience a new milestone. The city is set to launch nearly 40,000 off-plan units in the last months of 2024. This will bring the total number of new units for the year to 126,000. Clearly, Dubai’s property market is thriving and attracting global attention.
Record 40,000 new off-plan units set to launch in just three months
The number of new launches in late 2024 highlights the growth of Dubai’s property sector. These off-plan developments will cater to a wide range of buyers. From affordable apartments to luxury villas, there is something for everyone.
2024 on track to surpass last year’s Dh272 billion in property sales
The numbers already show the market’s strength. As of August 2024, 86,000 units were launched with a sales value of Dh213.7 billion. By year-end, the total is expected to surpass last year’s Dh272 billion, reflecting robust investor confidence.
Nearly 200 new projects in the pipeline for 2024
In addition, almost 200 projects are planned for the near future. These new developments aren’t just numerous but also diverse in quality and location. Communities like Dubai Islands and Jumeirah Garden City are emerging, while The Valley and The Acres are growing quickly to meet demand.
Foreign investors flock to Dubai as demand for off-plan properties skyrockets
Furthermore, Dubai’s property market continues to attract foreign investors. The demand for off-plan properties is increasing due to Dubai’s appeal. Prices have reached Dh1,431 per square foot, a 16.03% rise from the peak in 2014.
August 2024 sees historic sales volumes in Dubai’s thriving market
August 2024 was a record-breaking month for sales. There were 16,145 transactions, the highest ever for this time of year. Dubai’s property values have now risen for 42 consecutive months, marking 17.7% year-on-year growth.
Emerging neighbourhoods to watch: Where Dubai’s off-plan projects are headed
New projects are being developed in exciting neighborhoods. Areas like Dubai Maritime City, Motor City, and Dubai Land Residence Complex are expanding. For families, single-family units in places like The Oasis are also gaining popularity.