Dubai witnesses the launch of a new real estate project every 18 hours!

The United Arab Emirates in general and Dubai in particular are witnessing an unprecedented real estate boom that attracts major stakeholders in this sector worldwide.
According to the March report of the Dubai real estate market issued by the institution, "the preliminary figures for new off-plan projects launched in March added approximately 10,000 units to the market for sale over the month, contributing to raising the total number of launches in the first quarter of this year to an unprecedented number of 34,000 units distributed over 120 projects, with a new launch every 18 hours.

These record numbers indicate the continued prosperity of the market and its growing attractiveness to investors and end buyers.

According to a report issued by the real estate research and data platform "Property Monitor," this significant activity contributed to raising the total number of launches in the first quarter of this year to 120 projects. The new projects launched in March 2024 included approximately 10,000 units, reflecting strong confidence in the market's future.

The sector witnesses high competitiveness

Despite the expected intense competition, the report sees that established and larger developers will be in a better position to benefit from the comprehensive market due to their pricing flexibility.

Specialized developers who focus on luxury and ultra-luxury sectors will also have strong opportunities, with their focus on fewer projects and directing their attention towards specific targeted markets.

Significant price increase

In terms of prices, March witnessed a significant increase of 2.37%, the largest monthly increase since May 2023. This increase is largely due to the substantial differences in trading prices between existing homes and new off-plan properties.

Overall, the market performance in the first quarter of 2024 indicates strong optimism for a prosperous future trajectory.

Edited by: Emtelak Real Estate©