A report issued by W Capital expects the delivery of more than 30,000 residential units in the Dubai real estate market in the second half of 2024, with real estate companies accelerating the implementation of projects under development.
W Capital reported in its Dubai Real Estate Market Forecast for the Second Half of 2024 that the expected deliveries of real estate projects in Dubai will rise in the second half of the year from levels of more than 17,000 units, which will raise the total units to approximately 48,000 units during the year as a whole, in line with expectations regarding new deliveries . The report noted that next year may witness the delivery of more than 65,000 units, while deliveries will exceed 70,000 units in 2026 .
Walid Al Zarouni, Chairman of W Capital Real Estate Brokerage, said that the Dubai market has proven itself again during 2024, recording record sales and new deliveries that met expectations in the first half of the year. The market has reached a state of maturity that has contributed to supporting growth and breaking through unprecedented levels, and it seems that it will continue to rise and its rate of rise will not slow down anytime soon.
He stressed that the real estate sector in Dubai continues its unprecedented state of prosperity and growth, with investor confidence boosted by a number of real estate developers launching huge projects throughout the emirate .
He pointed out that the off-plan real estate sector in Dubai maintains the momentum of the real estate market, as investors prefer to buy off-plan properties rather than ready-made real estate projects, to benefit from investment returns in such properties, which can reach 10% based on the location, quality of construction and existing facilities .
He revealed that Dubai is witnessing an unprecedented real estate boom amidst a wide turnout of foreigners wishing to benefit from the advantages of safe investment in various sectors, especially the real estate sector, and on the other hand, obtaining residency in exchange for owning a property in accordance with the requirements approved by the Dubai government .
Al Zarouni explained that the growth path of the real estate market in Dubai during the first six months of 2024 is amazing, expecting this performance to continue in the second half of the year . He added that demand remains unprecedented from everywhere, driven by the emirate’s appeal to new residents, investors and individuals looking for a property as it is home to some of the world’s most luxurious and sought-after properties, offering higher rental returns than many other global real estate markets .