Tuesday, July 16, 2024

“Anticipated Delivery of 34,000 Units in Dubai’s Real Estate Sector for 2024”

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The UAE’s real estate market is poised for continued growth in 2024, despite global economic challenges. Dubai and Abu Dhabi are projected to deliver around 34,000 and 8,000 units, respectively, reflecting a positive outlook driven by robust economic fundamentals, government initiatives, and increased investor confidence. Experts at a JLL panel discussion highlighted the following key points:

The real estate sector is expected to maintain its positive trajectory, building on the strong expansion and high buyer demand seen in 2023.The UAE’s real estate industry is seen as a vital component of the country’s diversification agenda, offering stability amidst global uncertainties. While residential transactions have been increasing annually, the rate of growth is anticipated to slow down in the upcoming year.

Emerging trends include the growth of co-living spaces, branded homes, and wellness-focused real estate projects alongside luxury real estate.Property Monitor forecasts the delivery of over 40,000 residential units in Dubai in 2024, following a significant increase in new units introduced in 2023.

The GCC region, including the UAE, is showing resilience to global challenges like inflation and interest rate hikes, with increased private and sovereign wealth and infrastructure spending bolstering the real estate industry.Sustainability and technological advancements are becoming more prominent in the market, with a focus on energy-efficient designs and green building techniques.

Dubai has seen a rise in luxury off-plan property launches, with strong demand for residential units under Dh3 million.The office market in both Dubai and Abu Dhabi is experiencing high demand, leading to rent increases and a preference for quality office spaces.The industrial sector is thriving, driven by a growing need for high-quality logistics and warehousing solutions, supported by government initiatives like Operation 300 billion and UAE Industrial Strategy 2030.

Overall, the UAE’s real estate market is expected to continue its growth trajectory in 2024, supported by various factors that position the country as an attractive investment destination across different asset classes.

 

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