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Dubai’s residential property deliveries have picked up in recent months, with thousands of units already completed during the first three months of the year, according to new research.
From January to March 2024, the market saw the delivery of approximately 6,500 homes, which were mostly apartments, a report from real estate consultancy Land Sterling noted.
By year-end, total deliveries will reach around 64,400 residential units, exceeding the previous year’s number of completed properties, the Q1 2024 Dubai Property Watch report noted.
During the first quarter of the year, apartments accounted for 75% of the project completions, while villas comprised 25%. The amount of residential unit deliveries in recent months reflects Dubai’s “continued appeal as a real estate investment hub”, the report noted.
“The first quarter of 2024 has been a period of robust activity for Dubai’s residential sector. The strong increase in new unit deliveries… underscores the market’s resilience and the sustained demand for high-quality residential properties,” noted Edward Sanders, Managing Director of Land Sterling.
Highest handovers
During the first quarter, the areas with the highest number of property handovers were Meydan One in Mohammed Bin Rashid (MBR) City, Jumeirah Village Circle (JVC) and Al Furjan.
It is estimated that approximately half of the upcoming supply will be turned over to buyers within the year, Land Sterling said.
The majority of future handovers are anticipated in MBR City, JVC, Damac Lagoons and Business Bay, with 70% of the future supply expected to be apartments and 30% villas.
Demand for properties also remained strong, with the first quarter of the year recording more than 35,300 sales transactions worth around AED 88.8 billion ($24.17 billion), up by 20.5% year-on-year in terms of volume and 24.1% in value.
(Writing by Cleofe Maceda; editing by Seban Scaria) Seban.scaria@lseg.com
