In 2024, the UAE’s real estate landscape is set to witness the delivery of 42,000 new residential units, with Dubai and Abu Dhabi leading the way, as projected by global real estate services company JLL.

This year alone, the forecast indicates the completion of 8,000 units in Abu Dhabi and an impressive 34,000 units in Dubai, according to JLL’s comprehensive report on the real estate market.

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The prediction aligns seamlessly with the continuous expansion of Dubai’s real estate sector, highlighted by a surge in new residential properties throughout 2023. JLL’s data reveals the delivery of 36,000 new dwellings in 2023, predominantly apartments, contributing to an overall stock of over 719,000 units.

In parallel, Abu Dhabi also experienced growth, completing over 5,000 units in 2023 and raising the total completed stock to 284,000 units.

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The report underscores the robust demand witnessed in both cities’ residential markets in the previous year. Dubai, in particular, saw remarkable statistics with a 51% year-over-year increase in value and a 43% year-over-year increase in volume during the January to November 2023 period.

Of significant note, Dubai’s average villa sale prices continued to soar due to heightened demand, reaching an all-time high in November 2023, standing 15% above the previous peak recorded in 2014.

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