New development in Dubai are taking place at a higher pace due to the unexpected, however positive demand from end users and tenants who want to own real estate in Dubai. Real estate developers are aggressively launching new projects. From newly established developers to developers having a long history of completing projects, are encouraged to keep developing and starting new projects because they anticipate that the market will continue to do well shortly.
The demand for real estate in Dubai will continue to soar by projects like the relocation of Dubai International (DXB), the construction of the new Blue Metro Line, which will serve several neighbourhoods along Sheikh Mohamed bin Zayed Road and Emirates, as well as macroeconomic growth.
The demand for real estate in Dubai is increasing at an unprecedented rate due to Dubai’s population growth of over 140,000 in the first 11 months of 2024, taking prices and rents to all-time highs. Further, Dubai also welcomed more than 100,000 new residents last year, including professionals and millionaires.
As per the news sources, over 125,000 residential transactions took place in the nine months ending in September 2024, a more than 36% increase over the same period in 2023. The value of residential sales has also increased, reaching Dh86 billion for off-plan transactions and Dh33 billion for ready-to-move-in transactions.
Developers such as Amwaj Development, Nabni Developments, Acube Developments, Kasco Developments, and Qube Development have launched nearly one or two new projects in Dubai in the last week.
“Like the temperature outside, the market over the summer was hot. A new quarterly record for transactions was set in the third quarter with over 47,300 properties sold. Driven by velocity of developer launches, off-plan sales dominated transactions, equating to 66 per cent, while secondary sales have remained relatively stable over the previous three quarter,” said Richard Waind, CEO of Betterhomes.
Some of the main reasons behind this massive surge in demand are:
Attractive Offers
Unique Amenities
For example, some developers, like Nabni Developments, offer 40% payment during the building phase and the remaining 60% upon completion. Many developers offer 80% during construction and 20% upon completion, particularly large developers who sell their properties in a matter of days.
Source: Propertynews
