UAE Real Estate Market Surges in H1 2024
Dubai Transactions Reach $94 Billion
The UAE’s real estate sector experienced significant growth in the first half of 2024, driven by the country’s economic stability and a surge in new projects catering to the rising demand.
As reported by the Emirates News Agency (WAM), leading real estate companies have launched numerous large-scale projects since the beginning of the year, offering a wide range of investment opportunities.
Dubai has been at the forefront of this growth, with over 12 new projects from major players like Emaar, Deyaar, and Dubai Investments. These include notable expansions, such as the extension of The Dubai Mall.
The Emirate successfully completed approximately 6,600 new residential units, raising the total number of units to 736,000, with an additional 20,000 units anticipated in the second half of 2024.
According to the Dubai Land Department, the sector attracted around 50,000 new investors, resulting in real estate transactions worth AED346 billion (approximately $94.2 billion), marking a 23% year-on-year increase across 100,520 transactions.
Sharjah Unveils Seven New Real Estate Projects Covering 16.2 Million Square Metres
Sharjah has recently launched seven ambitious real estate projects spanning 16.2 million square meters. Among these, Anantara Sharjah Residences and Faradis Tower are open for purchase by non-citizens and Gulf nationals, broadening the investment opportunities in the emirate.
The real estate market in Sharjah recorded property transactions totaling AED18.2 billion, reflecting a remarkable 35.6% year-on-year increase.
Additionally, Ras Al Khaimah introduced four new real estate projects during this period, further highlighting the ongoing growth and development in the UAE's real estate sector.
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Residential real estate prices in Dubai have seen strong increases recently, driven by high demand from both local and international buyers. There was a year-on-year increase of about 20% in home prices during the third quarter of 2024, and the average sales price in 2024 rose by about 20% to approximately 1,597 AED per square foot. These significant increases came after a period of moderate growth between 2018 and 2020, confirming the return of momentum to the Dubai real estate market after the COVID-19 pandemic.
Prices are expected to continue their upward trajectory in the medium term, but at a more stable pace. Knight Frank estimates an additional rise of about 8% in 2025, and local real estate developers expect annual price increases of between 5-8% in the coming few years. These forecasts are based on strong and sustainable demand but also consider an increase in supply and a better market balance. Over the long term up to 2040, prices are likely to continue rising supported by population growth and planned major projects, although there may be short-term correction cycles. For example, villa prices currently exceed the previous peak levels (in 2014) by more than 30%, which means the market may experience a relative slowdown or minor correction after periods of significant increase before continuing its sustainable upward trend.
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