More and more developers are focusing on the delivery of properties rather than launching new projects as Dubai’s real estate market shows signs of stability, a sign that the supply of property has caught up with demand. 42,241 units, including 9,909 villas and townhouses, 991 commercial buildings, and 31,341 flats, are expected to be completed by developers this year.
So far, 13,815 units have been constructed, which include 218 commercial buildings, 2,562 townhouses and villas, 11,035 apartments, and 64 projects.
2023 Completion and Residential Stock
In 2023, as many as 35,160 properties were constructed, including 5,187 villas and townhouses, 28,650 apartments, and 1,323 commercial properties across 154 projects, bringing the residential stock of properties in Dubai to 719,000 units by the end of 2023, according to market statements quoting Dubai Land Department (DLD) figures.
With the ongoing deliveries, Dubai’s residential stock will cross 760,000 units by the end of 2024, which will help the demand-supply situation to rebalance to a comfortable level. Regardless, the Dubai Land Department (DLD) statistics indicate that the market has stabilized while the sale transactions in Q2 of 2024 have started falling. According to Dubai Land Department statistics, a total of 80,118 properties valued at Dh233.1 billion were sold in Dubai in the first half of 2024.
Q2 2024 Market Statistics
43,612 land and properties valued at Dh124.6 billion were sold in Q2 2024, which is 44.1% higher than the Q2 2023 sales figure. These contain 5,887 villas, 33,704 apartments, 2,891 plots of ground, and 1,130 commercial units. Eight thousand nine hundred eighty-nine mortgage transactions were recorded in Q2 2024, up 6.8% compared to Q2 2023. Mortgage transactions were valued at Dh44.3 billion in Q2 2024, up 34.8% compared to Q2 2023.
12,152 land and property transactions occurred in the second quarter of 2024, valued at Dh33.9 billion, 62.5% lower than Q2 2023. Of these, 10,041 apartments worth Dh18.8 billion were sold in Q2 2024, which is lower by 56.6%, and 999 villas worth Dh5.4 billion were sold, which is lower by 75.5% compared to Q2 2023, and 796 plots of land worth Dh9.2 billion were sold in Q2 2024, 58.9% lower compared to Q2 2023.
Spotlight on Smaller Developers
While the top developers such as Nakheel, Ithra, Dubai Properties, Emaar Properties, Danube Properties, Wasl Properties, Damac Properties, Sobha, and Azizi overlook the headline in delivery and property launch, smaller developers even do their bit but stay under the shadows of the more well-known players.
As it launches its new Marquis Insignia project, one such player, Marquis Developers, has been quietly setting up and delivering residences with little fanfare. It has started turning over 91 residential and business units in Arjan as part of its Marquis Signature project. Marwan Bin Khalifa, Director-General of the Dubai Land Department (DLD), attended the event.
“We are delighted and honored to deliver these homes to our eagerly awaiting customers. Witnessing the joy on their faces as they receive their keys is truly gratifying and underscores our unwavering dedication to our valued clients and the real estate sector,” Mezuk Mohamad, Managing Director of Marquis Developers, said.
Market Growth and Attractiveness
The CEO of Bayut & Dubizzle and Head of Dubizzle Group Mena, Haider Ali Khan, stated: “The real estate market in Dubai has continued to develop at an impressive rate. Several variables, such as improved investor facilitation, open real estate transactions, and the launch of new off-plan projects, still fuel a rising trend.
Although Dubai has long been a popular destination with tourists worldwide, the government’s introduction of new resident permits may have contributed to an even more significant number of newcomers. In the first quarter of 2024 alone, the city welcomed almost 25,000 new residents, which has increased chiefly demand for real estate. Etihad Railway, the new airport in Dubai South, and constructing more metro stations have all raised buyer interest in the surrounding areas. Similarly, Dubai’s real estate market has benefited from introducing new off-plan developments, ready projects’ availability, first-rate facilities’ provision, and ease of general investor use. All these factors have led to a surge in searches for luxury and affordable properties across popular areas, reflecting consistent monthly growth.
Another real estate company newly announced the accomplishment of the Dh20 billion sales impact. A Dubai-based property broker, Unique Properties, said its total sales value reached Dh20 billion recently. There are many brokers whose property sales surpass Dh1 billion.
Luxury Market and Economic Growth
With the UAE’s economy cast to increase by 5.7%, compelled by international buyers and investments, the region is set to draw even more multinational attention. According to Knight Frank, the sale of homes priced above US$10 million increased by 19% in the first quarter of the year, underscoring its appeal as a destination for affluent buyers and tenants. The investor-friendly conditions, iconic architecture, and freehold locations attract high-net-worth people seeking a prosperous lifestyle. According to Sean McCauley, CEO of Denmark, the emirate’s status as a premier tourist destination fuels their desire for residential options that reflect upscale hotels, complete with pools, spas, and concierge services.
Innovative Amenities and Developer Strategies
“In Dubai, we’ve noticed a considerable surge in properties that offer extensive amenities, aligning with global trends. Developers of both branded and non-branded residences continually innovate to distinguish themselves through unique offerings, resulting in a series of developments with distinctive amenities,” McCauley says.
Navas Khan, chairman of Marquis Developers, emphasized the company’s commitment to crafting spacious, family-oriented residences that promise a comfortable living environment and lucrative investment opportunities. Confidence is the cornerstone of our enterprise, and the punctual delivery of ideal homes is instrumental in boosting customer confidence. Our path record over the past 8 years speaks volumes about our commitment to quality and customer fulfillment.
Shariah-Compliant Development and Customer-Centric Approach
Working as a Shariah-compliant and debt-free enterprise allows Marquis Developers to focus steadfastly on providing excellence without the restrictions of interest rates or financial obligations. Marquis Signature stands out as an amenity development that surpasses expectations regarding luxuries and creates an enriching family-centric life-style.
With a strategic position in Arjan, Marquis Signature offered a promising 60:40 payment plan, soothing the financial strain on buyers by permitting 60% payment during construction and the remaining 40% upon handover. Mezuk Mohamad spotlighted the company’s capacity to attract buyers and brokers without comprehensive marketing efforts, attributing it to their properties’ alignment with conceivable residents’ needs and priorities.
“Our successful delivery of the Marquis 2020 project amid the challenges of the COVID-19 pandemic showcased our resilience and earned us industry recognition,” he added.
