Fri 3 May 2024
Dubai Real Estate Market Q1 2024: Balancing Growth with Housing Supply
Brought to you by CITI DEVELOPERS, a leading real estate development company.
Dubai’s real estate market has always been a beacon of innovation and growth. As we step into the second quarter of 2024, the market dynamics continue to evolve, reflecting the city’s rapid development and the challenges that come with it.
A Surge in Population
The first quarter of 2024 saw Dubai welcome an additional 26,000 residents, a clear indicator of the city’s growing appeal as a global hub for business and lifestyle. This influx of new residents is a positive sign of economic vitality, but it also brings to light the pressing need for residential housing.
The Housing Supply Challenge
With only 6,500 new homes handed over during the same period, the housing supply has lagged behind demand. This mismatch has led to a significant 22% annual increase in rent. The scarcity of ready-to-move-in homes is a concern that stakeholders across the board are keen to address.
Off-Plan Market: A Silver Lining
Despite the shortage of ready homes, the off-plan market in Dubai is thriving. Accounting for more than 58% of all property sales, new projects are being launched at an unprecedented rate, with developers introducing more than one new project every day in the first quarter.
Record-Breaking Transactions
The Dubai Land Department (DLD) recorded 34,178 transactions in the first three months of 2024, marking the highest volume quarter on record. This milestone is a testament to the market’s resilience and the confidence investors place in Dubai’s real estate sector.
CITI DEVELOPERS: Shaping Dubai’s Skyline
At CITI DEVELOPERS, we are proud to contribute to the shaping of Dubai’s skyline. Our commitment to excellence and innovation in real estate development ensures that we not only meet the growing demand for high-quality homes but also exceed the expectations of our discerning clientele.
Looking Forward
As we navigate through 2024, the question remains: How will the real estate market in Dubai evolve? The current trends point towards a year of strategic development, with a focus on balancing the scales between population growth and housing supply. For more insights and future projections, visit our full report here.
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