In 2024, 42,000 residential units will be delivered to the UAE’s real estate market in Dubai and Abu Dhabi.
This year, 8,000 units are expected to be delivered in Abu Dhabi and about 34,000 units in Dubai, according to a report from the international real estate services company JLL.
The prediction aligns with the rapidly expanding real estate market in Dubai, which saw an increase in the number of new residential properties available in 2023. JLL reports that 36,000 new dwellings were delivered in 2017; the bulk of these were apartments, bringing the total stock to over 719,000 units.
Similar to this, Abu Dhabi saw the completion of over 5,000 units in 2023, bringing the total completed stock to 284,000 units.
According to the report, both cities’ residential markets saw strong demand last year, with Dubai seeing a 51% YoY increase in value and a 43% YoY increase in volume for the January to November 2023 period.
Significantly, due to increased demand, Dubai’s average villa sale prices kept rising and, by November 2023, had reached an all-time high, 15% higher than the previous peak set in 2014.