The Dubai property market is poised for a surge in new project launches, with nearly 200 additional developments planned by various developers. In the first eight months of 2024, 86,000 units were launched, generating sales worth Dh213.7 billion, putting the market on track to surpass last year’s Dh272 billion, according to a report by Property Monitor from Cavendish Maxwell.
The report predicts that up to 40,000 more off-plan units will enter the market by the end of the year, continuing a period of historically high launches. New developments are expected across a variety of price segments, particularly in communities such as Dubai Islands, Jumeirah Garden City, Dubai Maritime City, and The Valley, with a focus on apartments, townhouses, and villas.
Dubai has also attracted numerous foreign developers in recent years, driven by high demand for off-plan properties. The city’s population, which now stands at 3.781 million, has fueled price and rental growth.
August saw a 0.28% rise in total sales transactions, reaching 16,145—an all-time high for the month and the second-highest on record. Property prices have also soared, with average prices reaching Dh1,431 per square foot, marking a 17.7% year-on-year increase in August and 42 consecutive months of price growth.
The report anticipates continued growth in Dubai’s property market throughout 2024, supported by strong buyer confidence, despite a temporary decline in mortgage activity.
Source : khaleejtimes.com
