During the first quarter of 2024, Dubai has witnessed a surge in property development projects, with both local and international developers launching new projects at a remarkable pace—averaging more than one per day.

According to preliminary data from Cavendish Maxwell’s Property Monitor, nearly thirty new off-plan projects were launched in March 2024, adding approximately 10,000 units to the market that month.

“These projects now bring the total number of launches in the first quarter of 2024 to an astonishing 34,000 units across 120 projects—averaging a new launch every 18 hours,” stated Zhann Jochinke, director of marketing and research at Cavendish Maxwell.

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“The substantial growth in the off-plan market is expected to persist, given the significant pipeline of projects currently in the planning phase, which includes more than 100 additional developments across existing master communities,” Jochinke noted in the monthly report.

The surge in new projects is fueled by Dubai’s high demand for real estate, driven by investor confidence in the market and competitive pricing that remains lower than most major global cities.

Major Projects in Dubai

Among the significant projects introduced this year are the Dh55 billion Heights Country Club and Dh41 billion Grand Club Resort by Emaar Properties, the Dh2.4 billion Diamondz and Dh3 billion Bayz101 by Danube Properties, the Dh700 million tower in Jebel Ali by Deyaar Development, and the Dh22 billion Arabian Hills Estate by Aqua Properties. These developments highlight the extensive contributions of both local and international developers.

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Sales Records

Property Monitor reported a surge in sales transaction volumes, which rose by 14.7% in March to reach 13,664 transactions—setting a new record for March and marking the second-highest monthly sales volume ever. Residential transactions, including apartments, townhouses, and villas, comprised 92% of sales, totaling 12,565 transactions.

Additionally, Dubai saw 7,768 off-plan Oqood transactions in March, representing a significant 21.7% increase from the previous month and a 3.3% increase in market share to 56.9%—the highest recorded since 2009.

Challenges for New Developers

“The abundance of projects and the accompanying choices may present challenges for developers due to intense competition, heightened buyer expectations, and greater scrutiny of investment options,” Jochinke explained.

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He advised that established and larger developers are best positioned to benefit across most price points, while niche developers focusing on luxury and ultra-luxury segments may also find strength with a focus on target markets.

Newer entrants may struggle to differentiate themselves and may need to revert to traditional terms favoring buyers, such as incentives, post-handover payment plans, and developer-paid DLD transfer fees.