The UAE’s real estate sector has exhibited a positive trend in the first half of 2024.
The first half of 2024 has seen remarkable growth in the UAE’s real estate sector, reflecting the nation’s economic stability and the launch of new, high-quality projects designed to meet rising demand. This period has cemented the UAE’s status as a prime destination for real estate investment, with both local and international investors drawn to the diverse range of real estate units on offer.
In 2024, major developers like Emaar, Deyaar, and Dubai Investments spearheaded the introduction of over 12 significant real estate projects. These include residential and commercial towers, office spaces, and the notable expansion of The Dubai Mall, further enhancing Dubai’s real estate market. The city witnessed a surge in residential properties, with approximately 6,600 new units completed, increasing the total number to 736,000. Looking ahead, Dubai is set to deliver around 20,000 additional residential units in the second half of 2024.
The market’s dynamism is underscored by the 50,000 new investors who entered Dubai’s real estate scene, contributing to the impressive AED 346 billion in total transaction value—a 23% year-over-year increase. The Dubai Land Department’s data highlights the robust performance with over 100,520 transactions completed in the first six months of 2024.
Sharjah has also made significant strides, unveiling seven new real estate projects covering 16.2 million square meters. Noteworthy among these are the Faradis Tower in Al Mamzar and the Anantara Sharjah Residences in Al Rifaah, both open to non-citizens and GCC nationals. Sharjah’s real estate sector recorded AED 18.2 billion in transactions in the first half of 2024, marking a 35.6% year-over-year growth.
With continued investment from both the public and private sectors in infrastructure and real estate, the UAE’s real estate market is on a solid growth trajectory for the remainder of 2024. This positive trend underscores the UAE’s position as a leading real estate investment hub, offering a wealth of opportunities for investors and residents alike.
