Developers are increasingly focused on completing existing projects rather than initiating new ones as Dubai’s real estate market stabilizes, indicating a balance between supply and demand. This year, developers plan to complete 42,241 units, including 9,909 villas and townhouses, 991 commercial properties, and 31,341 apartments.
So far, 13,815 units have been completed, consisting of 2,562 villas and townhouses, 218 commercial properties, 11,035 apartments, and 64 projects.
Market reports citing Dubai Land Department figures state that 35,160 properties were finished in 2023, including 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects. By the end of 2023, Dubai’s residential stock had risen to 719,000 units.
With ongoing deliveries, Dubai’s residential stock is expected to surpass 760,000 units by the end of 2024, helping to maintain a balanced supply and demand. While the market shows signs of stabilization, data from the Dubai Land Department reveals a decrease in sales transactions in the second quarter of 2024. In the first half of 2024, 80,118 properties were sold in Dubai, totaling an estimated value of Dh233.1 billion.
In Q2 2024, sales of 43,612 land and properties worth Dh124.6 billion were recorded, marking a 44.1 percent increase compared to Q2 2023. This includes 1,130 commercial units, 2,891 land plots, 5,887 villas, and 33,704 apartments. Mortgage transactions in Q2 2024 increased by 6.8% from Q2 2023, with the total value rising by 34.8% to Dh44.3 billion.
In Q2 2024, 12,152 land and property transactions valued at Dh33.9 billion were completed, a 62.5% drop from the same period in 2023. This includes the sale of 10,041 apartments valued at Dh18.8 billion (down 56.6%), 999 villas valued at Dh5.4 billion (down 75.5%), and 796 land plots valued at Dh9.2 billion (down 58.9%) compared to Q2 2023.
While smaller developers play a role, they are often overshadowed by major players like Emaar Properties, Nakheel, Dubai Properties, Wasl Properties, Ithra, Damac Properties, Danube Properties, Sobha, and Azizi.
One smaller developer, Marquis Developers, has been quietly progressing with its Marquis Insignia project and has completed the Marquis Signature project in Arjan, handing over 91 residential and commercial units. Marwan Bin Ghalita, Director-General of the Dubai Land Department, attended the event.
“We are thrilled to hand over these homes to our eagerly awaiting customers. Seeing their joy as they receive their keys is truly gratifying and underscores our commitment to our clients and the real estate sector,” said Mezuk Mohamad, Managing Director of Marquis Developers.
Haider Ali Khan, CEO of Bayut & Dubizzle and Head of Dubizzle Group Mena, remarked on Dubai’s property market’s continuous growth, driven by factors like improved investor facilitation, transparent property transactions, and new off-plan projects.
Dubai’s popularity as a tourist destination, coupled with new resident visas, has attracted over 25,000 new residents in Q1 2024, boosting real estate demand. New metro stations, the Etihad Railway, and the new airport in Dubai South have further increased buyer interest. The market benefits from new off-plan projects, ready projects, excellent amenities, and overall investor convenience, leading to a rise in searches for both luxury and affordable homes in popular neighborhoods.
Recently, Unique Properties, a Dubai-based real estate broker, announced surpassing Dh20 billion in total sales. Hundreds of brokers have made property sales exceeding Dh1 billion.
The UAE’s projected economic growth of 5.7%, fueled by foreign investments, is expected to attract global attention. Knight Frank reports a 19% increase in sales of properties worth over US$10 million in Q1 2024, highlighting the region’s appeal to wealthy buyers. High net worth individuals are drawn to the area’s iconic architecture, freehold areas, and investor-friendly environment. Sean McCauley, CEO of Devmark, notes that Dubai’s status as a tourist hub attracts those seeking residential options resembling upscale hotels with amenities like pools, spas, and concierge services.
McCauley added, “In Dubai, we’ve seen a notable increase in properties with extensive amenities, reflecting global trends. Developers of both branded and non-branded residences continue to innovate with unique offerings, resulting in developments with distinctive amenities.”
Navas Khan, Chairman of Marquis Developers, emphasized the company’s dedication to building spacious, family-friendly homes that provide both investment opportunities and comfortable living. He highlighted the importance of trust and timely delivery in building customer confidence, noting their eight-year track record of quality and client satisfaction.
As a debt-free, Shariah-compliant business, Marquis Developers maintains its commitment to excellence without the burden of debt or interest payments. The Marquis Signature project, with a prime location in Arjan, offered a convenient 60:40 payment plan, easing buyers’ financial burden. Mezuk Mohamad credited their ability to attract buyers and brokers without extensive marketing to the properties’ alignment with tenant needs and preferences.
“Our successful delivery of the Marquis 2020 project during the COVID-19 pandemic showcased our resilience and earned us industry recognition,” he added.