Dubai’s Real Estate Boom
The Dubai property market is experiencing unprecedented growth, with major real estate projects selling out almost immediately. High-profile launches by established developers are selling out within hours, while new market entrants are also seeing strong demand, often selling their properties in just days.
Strong Demand from Trusted Developers
Established developers are benefiting from their reputation for delivering high-quality projects on time. This reliability attracts buyers who seek both capital appreciation and attractive rental returns. New developers are taking advantage of Dubai’s relatively lower prices and higher returns compared to other major global cities.
Confidence in Dubai’s Future
Amira Sajwani, Managing Director of Damac Properties, is optimistic about the market’s future, projecting continued growth into 2025. Sajwani attributes this optimism to Dubai’s global city status, its secure investment environment, and the successful Golden Visa initiative, which has attracted many new investors. Compared to cities like London, Paris, Hong Kong, and New York, Dubai remains a more affordable option.
Noteworthy Sales and New Launches
Recent sales highlight the market’s strength. For instance, Dubai’s largest private developer sold 600 units of its Dh1.2 billion Violet Phase 3 project within hours of its launch. In 2024, Dubai has introduced over 93,000 new units, setting a new record for the highest number of units launched in the city’s history.
Prominent local developers such as Emaar Properties, Nakheel, Damac Properties, Sobha Group, Samana Developers, and Danube Properties continue to lead the market.
Success of New Developers
New developers are also making a significant impact. For example, Samana Developers sold out its Dh660 million Ocean Pearl 1 and Ocean Pearl 2 waterfront projects within two hours of launch. Located on Dubai Islands, these projects feature high-end apartments and penthouses with private pools.
Abu Dhabi-based Aldar Properties achieved notable success, selling out the first two phases of its ‘Athlon’ project within 48 hours, generating Dh4.1 billion in sales. New entrant Majid Developments reported that 40% of its project was pre-sold before the official launch.
Evolving Buyer Demographics
The buyer profile is evolving, with a noticeable increase in interest from British and European investors, replacing some of the previous Asian buyers. The UAE’s Golden Visa program continues to attract international buyers, with developers offering additional incentives.
Market Insights
Emirates NBD Research reports that Dubai has sold 104,250 residential units year-to-date, approaching the total sales for all of 2023. The research anticipates that the market will remain robust for the remainder of the year, potentially setting a new record for residential sales.
