Dubai Poised for Record Handover of 38,174 New Homes in 2024, Fueling Real Estate Boom

The UAE’s property market is bolstered by government initiatives like residency permits and the golden visa program, alongside economic diversification efforts. These measures have significantly increased foreign investment. Dubai’s luxury market saw record growth in 2023, with $10 million-plus home sales nearly doubling to $7.6 billion, outperforming London and New York. This trend indicates sustained confidence among high-net-worth individuals. Villa market capital values increased 33.4% annually, with Palm Jumeirah and Emirates Hills as top performers. Apartment valuations rose 5.4% quarterly and 23.4% annually, with Palm Jumeirah surpassing 2014 price peaks. In Q2, 7,921 mortgage transactions and 13,834 cash transactions were recorded, totaling Dh61 billion ($16.6 billion). Off-plan registrations grew 61.4% annually, with Jumeirah Village Circle, Business Bay, and Meydan One leading. This surge in off-plan sales highlights the robust demand for new properties. Residential rental values increased 2.7% quarterly and 10.8% annually, with villa rents averaging Dh408,200 and apartment rents averaging Dh89,100. Residential occupancy in Dubai was 87.7% in the first half of 2024, demonstrating a stable housing market.