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The UAE’s property market will see the delivery of 42,000 residential units across Dubai and Abu Dhabi in 2024.
Approximately 34,000 units are scheduled to be delivered in Dubai, while 8,000 units are anticipated in Abu Dhabi this year, according to a report from global real estate services company JLL.
The outlook is consistent with Dubai’s booming real estate sector last year, which witnessed an uptick in its supply of new residential units in 2023. According to JLL, 36,000 new homes were delivered last year, with apartments comprising the majority, which raised the total stock to over 719,000 units.
Similarly, in Abu Dhabi, over 5,000 units were completed in 2023, resulting in a total completed stock of 284,000 units.
The residential market in both cities benefited from strong demand last year, according to the report, with Dubai witnessing a 51% year-on-year (YoY) increase in value and a 43% Y-o-Y increase in volume for the period of January to November 2023.
Notably, Dubai’s average villa sale prices continued their upward trajectory, driven by heightened demand, and by November 2023, they reached an all-time high, surpassing the previous peak of 2014 by 15%.
(Writing by Bindu Rai, editing by Seban Scaria)
