Dubai Housing Delivery to Surge to 35,000 Units by 2024 Amid Strong Investor Demand

According to a recent study conducted by JLL, Dubai's residential market is poised for robust growth, with over 35,000 new units projected to be delivered by the end of the year. This surge in supply is attributed to sustained investor demand driven by innovative product offerings, attractive payment options, and recent modifications to the golden visa requirements.

The UAE Real Estate Market Overview for Q1 2024, compiled by JLL, revealed a promising start to the year for Dubai's residential sector, with approximately 10,000 units completed in the first quarter alone. Notably, developers are shifting their focus towards secondary locations, indicating a broader trend towards diversification within the market.

In Abu Dhabi, a steady delivery of 1,600 units was observed in the first quarter, with an additional 6,000 units expected to be added by year-end. This signals a positive trajectory for the residential sector in the UAE's capital.

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Faraz Ahmed, research director at JLL Mena, highlighted a 20% increase in residential sales transactions in Dubai compared to the same period last year, with a similar trend observed in Abu Dhabi, albeit at a slightly lower rate of 17%. Developers are adapting to escalating land prices and construction costs by exploring secondary locations and targeting properties within the Dh2 million price range to align with golden visa eligibility criteria.

In terms of pricing dynamics, Dubai witnessed a notable 21% annual increase in both sale prices and rental rates, driven primarily by the apartment segment. Meanwhile, in Abu Dhabi, rental rates increased by an average of 4.0%, and sales prices by 7.0%, indicating a more moderate growth trajectory compared to Dubai.

The hospitality industry in Dubai experienced robust growth, with the addition of 2,000 new hotel keys in the first quarter, primarily in the 5-star segment. This trend is expected to continue, with an anticipated addition of 5,000 keys throughout the year. Similarly, Abu Dhabi's hotel supply remained stable, with plans for an additional 500 keys in the pipeline.

Positive tourism indicators, including a significant increase in visitor numbers and average daily rates, have contributed to the overall performance of the hospitality sector in both Dubai and Abu Dhabi. The introduction of experience-driven developments and strategic partnerships within the hospitality industry further enhance the value proposition for tourists and investors alike.

In summary, the real estate and hospitality sectors in Dubai and Abu Dhabi are poised for continued growth, supported by sustained investor demand, favorable market conditions, and a thriving tourism industry.

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