Developers are becoming more and more focused on delivering properties rather than starting new projects as Dubai’s real estate market is beginning to stabilize, indicating that supply has finally caught up with demand. Developers anticipate finishing 42,241 units this year, comprising 9,909 villas and townhouses, 991 commercial properties, and 31,341 apartments.
13,815 units, comprising 2,562 villas and townhouses, 218 commercial properties, 11,035 apartments, and 64 projects, have been completed thus far.
According to market reports quoting Dubai Land Department figures, as many as 35,160 properties were completed in 2023. These included 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties spread across 154 projects. By the end of 2023, the residential stock of properties in Dubai would have increased to 719,000 units.
By the end of 2024, Dubai’s residential stock will have exceeded 760,000 units due to ongoing deliveries, which will aid in the rebalancing of supply and demand to a comfortable level. The market has begun to stabilize, according to data from the Dubai Land Department, but the number of sales transactions in the second quarter of 2024 has begun to decrease. According to data from the Dubai Land Department, 80,118 properties were sold in Dubai in the first half of 2024 for a total estimated value of Dh233.1 billion.
In Q2, 2024, sales of 43,612 land and properties valued at Dh124.6 billion were recorded, a 44.1 percent increase over Q2 2023 sales figures. These consist of 1,130 commercial units, 2,891 plots of land, 5,887 villas, and 33,704 apartments. In Q2 2024, 8,989 mortgage transactions were reported, a 6.8% increase from Q2 2023. In Q2 2024, the value of mortgage transactions increased by 34.8% to Dh44.3 billion from Q2 2023.
In the second quarter of 2024, 12,152 land and property transactions were completed, valued at Dh33.9 billion—a decrease of 62.5% from the same period in 2023. Of these, the sales of 10,041 apartments, valued at Dh18.8 billion, decreased by 56.6% in Q2 2024 compared to Q2 2023; the sales of 999 villas, valued at Dh5.4 billion, decreased by 75.5% in Q2 2023; and the sales of 796 plots of land, valued at Dh9.2 billion, decreased by 58.9% in Q2 2024 compared to Q2 2023.
Smaller developers also contribute, but they are often overlooked by the larger players in the real estate market. Notable developers include Emaar Properties, Nakheel, Dubai Properties, Wasl Properties, Ithra, Damac Properties, Danube Properties Sobha, and Azizi.
One such player, Marquis Developers, has been introducing its new project, the Marquis Insignia project, quietly and has been delivering homes without making any noise. The commencement of the Marquis Signature project in Arjan has seen the handover of 91 residential and commercial units. The Director-General of the Dubai Land Department, Marwan Bin Ghalita, was present at the event.
“We are delighted and honoured to deliver these homes to our eagerly awaiting customers. Witnessing the joy on their faces as they receive their keys is truly gratifying and underscores our unwavering dedication to our valued clients and the real estate sector,” Mezuk Mohamad, Managing Director of Marquis Developers, said.
Haider Ali Khan, CEO of Bayut & Dubizzle and Head of Dubizzle Group Mena, said: “Dubai’s property market has yet again witnessed a period of remarkable growth. We continue to see an upward trend driven by a variety of factors including enhanced investor facilitation, transparent property transactions, and the introduction of new off-plan projects amongst others.
Although Dubai has always been a popular city with tourists from around the world, the government’s introduction of new resident visas may have contributed to an even greater number of newcomers. In the first quarter of 2024 alone, the city welcomed over 25,000 new residents, which has primarily increased demand for real estate. The construction of new metro stations, Etihad Railway, and the new airport in Dubai South appear to have increased buyer interest in the surrounding areas. In a similar vein, Dubai’s real estate market has benefited from the introduction of new off-plan projects, the availability of ready projects, the provision of first-rate amenities, and general investor convenience.
Due to all of these reasons, searches for both luxurious and reasonably priced homes in well-known neighborhoods have increased dramatically, showing steady growth each month.
Recently, another real estate company declared that it had reached the Dh20 billion sales milestone. A real estate broker with headquarters in Dubai, Unique Properties, reported that its total sales value had recently surpassed Dh20 billion. Property sales for more than Dh1 billion have been made by hundreds of brokers.
The UAE is expected to draw even more attention from around the world as a result of its 5.7% predicted economic growth, which will be fueled by foreign investments and buyers. Knight Frank reports that in the first quarter of this year, sales of properties valued at more than US$10 million increased by 19%, highlighting the area’s appeal as a place to live for wealthy tenants and buyers. High net worth individuals seeking an opulent lifestyle are drawn to the area due to its iconic architecture, freehold areas, and investor-friendly environment. Sean McCauley, CEO of Devmark, says that because the emirate is a popular tourist destination, people are drawn to residential options that resemble upmarket hotels and come with amenities like pools, spas, and concierge services.
“In Dubai, we’ve noticed a considerable surge in properties that offer extensive amenities, aligning with global trends. Developers of both branded and non-branded residences continually innovate to distinguish themselves through unique offerings, resulting in a series of developments with distinctive amenities,” McCauley says.
The chairman of Marquis Developers, Navas Khan, emphasized the company’s dedication to building roomy, family-friendly homes that offer both profitable investment opportunities and a comfortable living environment. He also stated that the company’s core value is trust and that providing excellent homes on time is essential to building customer confidence. Our eight-year track record demonstrates our unwavering commitment to quality and client satisfaction.
Being a debt-free, Shariah-compliant business allows Marquis Developers to continue its unwavering commitment to providing excellence free from the weight of debt or interest payments. The Marquis Signature is a unique example of a luxury development that goes above and beyond in terms of amenities and fostering a fulfilling lifestyle for families.
Marquis Signature, which had a prime location in Arjan, provided buyers with a convenient 60:40 payment plan that eased their financial burden by requiring 60% of the total payment to be made during construction and the remaining 40% at handover. Mezuk Mohamad emphasized the company’s capacity to draw in buyers and brokers in the absence of intensive marketing campaigns, crediting this ability to the properties’ compatibility with the requirements and tastes of possible tenants.
“Our successful delivery of the Marquis 2020 project amid the challenges of the COVID-19 pandemic showcased our resilience and earned us industry recognition,” he added.
