Market capacity to match demand shown by 1,034 projects under construction and yearly unit launches
Dubai, UAE, 21st October, 2024: As Dubai real estate heads for another new peak in 2024, property sector growth is set to continue over the next two years, with a record 90,000 new homes entering the market during this period.
Figures released by fäm Properties today underline the market’s capacity to keep pace with demand, with 1,034 projects, adding up to a total of 288,020 units, currently under construction.
Meanwhile, the all-time high of 101,654 yearly launched units set in 2023 looks set to be eclipsed, with the total for 2024 currently standing at 99,779, and counting.
Speaking ahead of The Game Changers - Dubai Real Estate Summit taking place on Thursday, Firas Al Msaddi, CEO of fäm Properties, said: “The influx of new properties reflects Dubai’s robust commitment to expansion and growth.
“There are 41,800 new units set to enter the market in 2025 - a record for a single year – rising to 48,400 in 2026. Meanwhile, the number of units delivered in 2027 and beyond will likely be driven by projects launched in 2025 onwards, pointing towards continued activity in the years to come.
“The market’s ability to keep up with demand is also shown by the consistency we’re seeing in the volume of yearly launched properties. The total soared by more than 81% year on year in 2023, and that level is being matched this year”.
Taking place at the Coca Cola Arena on Thursday, The Game Changers - Dubai Real Estate Summit is designed to provide aspiring professionals with expert advice on succeeding in Dubai's competitive real estate market.
Al Msaddi will share the stage with top US broker and reality TV star, Ryan Serhant, and Dr Mahmoud AlBurai, Dubai Land Department’s Senior Director, Real Estate Policies and Innovation, who will deliver insights on the future structure of the emirate’s property sector.
“With the rapid growth that we’re seeing, real estate developers and contractors are facing increasing pressure to streamline their procurement processes,” said Al Msaddi.
“The sector is grappling with significant logistics challenges, including availability and lead times of delivery, rising shipping costs, and the looming threat of global and regional geopolitical risks that could disrupt major trade routes.
“Despite these challenges, real estate development management teams are working tirelessly to ensure that projects are delivered on time.”
The leading five Dubai areas in terms of units delivered so far this year are:
- Al Merkadh - 4,052 units
- Jumeirah Village Circle - 3,042
- Jebel Al First - 1,518
- Wadi Al Safa 5 - 1,273
- Dubai Hills Estate - 1,212
The leading five areas in terms of future property supply are currently:
- Jumeirah Village Circle - 29,174 units
- Business Bay – 19,322
- Dubai South – 17,925
- Wadi Al Safa 5 – 13,345
- Dubai Marina - 12,960
