The UAE’s real estate landscape is set for a dynamic transformation in 2024, with the delivery of a staggering 42,000 residential units across the vibrant cities of Dubai and Abu Dhabi. This anticipated surge is a testament to the continued growth and resilience of the region’s property market.
A Hotspot of Development
In the heart of this real estate surge is Dubai, where approximately 34,000 residential units are slated for delivery in 2024. This follows a robust trend from the previous year, where 36,000 new homes were added to the city’s skyline. Apartments took the lead in this expansion, contributing to a total stock of over 719,000 units by the end of 2023.
Abu Dhabi’s Ascent on the Horizon
Abu Dhabi is not lagging behind either, with an anticipated delivery of 8,000 residential units in 2024. In 2023, over 5,000 units were completed, propelling the total completed stock in the city to an impressive 284,000 units. The capital is making significant strides in meeting the growing housing demands of its residents.
Surging Demand: The Driving Force
A pivotal aspect highlighted in the JLL report is the remarkable surge in demand across both cities. Dubai experienced a staggering 51% year-on-year increase in property value and a 43% year-on-year increase in transaction volume from January to November 2023. This robust demand underscores the attractiveness of Dubai’s real estate sector.
Skyrocketing Villa Prices in Dubai
One striking feature of this surge is the soaring prices of villas in Dubai. The average villa sale prices in the city continued their upward trajectory, reaching an all-time high by November 2023. The heightened demand for these exclusive residential offerings resulted in prices surpassing the previous peak of 2014 by an impressive 15%.
Conclusion: A Promising Year for UAE Real Estate
As we embark on the journey of 2024, the real estate scene in Dubai and Abu Dhabi promises excitement and growth. The surge in residential units, coupled with escalating property values, paints a vibrant picture of a flourishing market. Investors, homeowners, and enthusiasts alike can anticipate a year filled with opportunities and positive developments in the ever-evolving landscape of the UAE’s real estate.
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