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Dubai real estate poised to deliver 34,000 units in 2024.

 

Dubai is projected to deliver approximately 34,000 units, while Abu Dhabi aims to complete around 8,000 units, reflecting a positive outlook buoyed by robust economic foundations, governmental initiatives, and growing investor confidence. This optimistic sentiment was underscored during a panel discussion titled "Navigating the Growth Spectrum: Exploring Strategies for Sustained Success," hosted by JLL, where experts highlighted the potential for continued growth across various asset classes in the UAE's dynamic market. They emphasized the real estate sector's resilience and anticipated sustained growth, building upon the strong performance and heightened buyer demand witnessed in 2023.

James Allan, CEO of Middle East and Africa (MEA) at JLL, noted that the real estate sector has emerged as a vital component of the UAE's diversification strategy, demonstrating resilience and strength. Despite inflationary challenges, Allan expects the industry to thrive in 2024. He highlighted the optimistic outlook and favorable investment climate, which provide stability amid global uncertainties, further enhancing the UAE's appeal as an attractive destination for both regional and international real estate investors.

While the residential real estate segment continues to witness annual increases in transaction value and volume, experts predict a slowdown in the rate of growth in the upcoming year. Notably, luxury housing remains a specialized market, with notable growth observed in branded residences, wellness-focused developments, and lifestyle-oriented projects. Co-living spaces are also gaining traction, offering affordable and convenient living options, particularly for young and single professionals.

Despite challenges such as rising land prices and construction costs, the positive momentum in the UAE's residential market is expected to persist in 2024. Dubai aims to deliver approximately 34,000 units, while Abu Dhabi targets around 8,000 units.

Property Monitor, a leading real estate technology and market intelligence provider, forecasts that Dubai's residential market will witness the completion of over 40,000 units in 2024, following the launch of nearly 100,000 new units in 2023. The housing sector, which experienced its largest annual price increase in over a decade last year, is expected to contribute to the robust supply pipeline in the coming years.

Speakers at the JLL panel event highlighted the promising outlook for the real estate sector across the wider GCC region, fueled by private and sovereign wealth growth and increased infrastructure spending. They noted the UAE's attractiveness to global institutions seeking investment opportunities across various asset classes, with residential, hospitality, and office sectors remaining top performers.

Sustainability and technological innovations are reshaping the real estate landscape, with a growing focus on green building practices and energy-efficient designs. Financial institutions are expanding their lending offerings for green projects, further driving sustainability efforts in the industry.

In Dubai, there has been a surge in luxury off-plan property launches, with the most sought-after residential segment being properties priced below Dh3 million, catering to the demand for affordable housing options.

Both Dubai and Abu Dhabi experienced increased demand for office space, leading to rising rents and a preference for high-quality office spaces. Grade A offices remained scarce, while changes in work patterns and the rise of remote working fueled demand for flexible office spaces.

The speakers also highlighted the robust demand for top-notch logistics and warehousing solutions, driving growth in the industrial sector. Government-led initiatives such as Operation 300 billion and UAE Industrial Strategy 2030 are expanding opportunities in manufacturing and logistics, with third-party logistics (3PLs) and e-commerce expected to be key growth drivers in the sector.

March 20, 2024 4:09 p.m. 12116

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