Dubai’s housing boom in 2024: tens of thousands of homes will be available, and prices will soar

Dubai's housing boom in 2024: tens of thousands of homes will be available, and prices will soar

There is a significant housing boom in Dubai, where tens of thousands of new villas, townhouses, and apartments are expected to be finished and given to customers this year.

Experts forecast that despite the massive influx of new apartments, demand from both domestic and foreign purchasers would drive up property prices for both ownership and rentals​ (D&B Dubai)​​ (Altitude Real Estate)​.

Read this also : Dubai Real Estate’s Future: Trends and Forecasts for 2024

An increase in fresh inventory

According to Al Arabiya English, Zarah Evans, the managing partner and owner of Exclusive Links Real Estate Brokers, “Dubai’s real estate market continues its growth trajectory in 2024, with new developments contributing to an increasing inventory.”

According to her, the demand for luxury villas is rising, with tens of thousands of opulent homes expected to be completed in various Dubai communities by 2024​ (Livin’ Experts)​. Damac Hills is one popular villa project that is adding modern three-to seven-bedroom villas with features like pools, gyms, and kid’s play areas to its existing community. In the meantime, expansive three-to five-bedroom villas spanning 2,500–4,200 square feet will soon be available in District 11 of Mohammed Bin Rashid Al Maktoum City—District One. These villas will have panoramic views of parks​ (Altitude Real Estate)​.

Read this also : Ras Al Khaimah has introduced Raha, a new island getaway, as the real estate boom continues.

A little farther on, next to Arabian Ranches 3, Emaar’s The Valley presents itself as a “charming town” set amid verdant areas and a desert backdrop. The property will feature a beach, park, and 20,000 square meters dedicated to a sports town in addition to homes with three to five bedrooms. Arabian Ranches 2, a massive 100 million square foot development with over 7,000 apartments and four golf courses, is also close to The Oasis. Four to five-bedroom villas, according to the developer, start at $2.2 million (AED 8.1 million)​ (Livin’ Experts)​.

The residential area of Dubai South, which features mansions and semi-detached homes with three to seven bedrooms, is another popular new location, according to Evans.

“35,000 projects are scheduled for handover in 2024, driving the market’s growth and offering promising opportunities for high return on investment potential,” the speaker continued.

Read this also : Owing to a spike in demand, the occupier market in the UAE is still robust.

According to Faisal Durrani, Head of Research, MENA, at Knight Frank, 26,154 homes will be supplied in 2024, with a little increase to 32,667 units in 2025. Between now and 2028, he predicts that about 110,000 units will be finished​ (D&B Dubai)​​ (Altitude Real Estate)​.

According to Durrani, a few significant handovers are planned for 2024. For example, Downtown Dubai is projected to welcome 380 new branded residences in the Vida Residences Dubai Mall Tower, with a handover scheduled for October 2024. The opulent skyscraper will provide vistas of the Dubai Fountain and the Burj Khalifa​ (Livin’ Experts)​.

1,299 family-friendly homes in the new Rukan neighborhood in Dubailand, developed by Egyptian developer Continental Investments, are anticipated to be delivered in December​ (Altitude Real Estate)​.

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