Dubai's real estate sector is set for continued growth, with a projected 90,000 new homes entering the market over the next two years. In 2024 alone, 99,779 units are expected, close to surpassing 2023's record of 101,654 units launched. fam Properties CEO Firas Al Msaddi highlighted the sector's robust expansion ahead of The Game Changers - Dubai Real Estate Summit. Challenges like procurement delays and shipping costs are pressuring developers, but strong demand and consistent project launches are keeping momentum. Key areas for property delivery include Jumeirah Village Circle and Business Bay. The summit will provide insights on navigating this fast-growing market.
As Dubai's real estate sector approaches a new peak in 2024, growth is projected to persist over the next two years, with a record 90,000 new homes entering the market during this timeframe. Recent figures from fam Properties highlight the market's capacity to meet demand, showing that 1,034 projects totaling 288,020 units are currently under construction. The record of 101,654 units launched annually in 2023 is poised to be surpassed, with 2024's total currently at 99,779 and still increasing.
Ahead of The Game Changers - Dubai Real Estate Summit scheduled for Thursday, Firas Al Msaddi, CEO of fam Properties, said that "The influx of new properties reflects Dubai's robust commitment to expansion and growth. There are 41,800 new units set to enter the market in 2025 - a record for a single year - rising to 48,400 in 2026. Meanwhile, the number of units delivered in 2027 and beyond will likely be driven by projects launched in 2025 onwards, pointing towards continued activity in the years to come. The market's ability to keep up with demand is also shown by the consistency we're seeing in the volume of yearly launched properties. The total soared by more than 81% year on year in 2023, and that level is being matched this year".
The Game Changers - Dubai Real Estate Summit will take place at the Coca Cola Arena on Thursday, aimed at providing aspiring professionals with expert guidance on navigating Dubai's competitive real estate market.
Al Msaddi will share the stage with prominent US broker and reality TV star Ryan Serhant, along with Dr. Mahmoud AlBurai, Senior Director of Real Estate Policies and Innovation at the Dubai Land Department, who will provide insights into the future framework of the emirate's property sector.
"With the rapid growth that we're seeing, real estate developers and contractors are facing increasing pressure to streamline their procurement processes' remarked Al Msaddi.
He also said, "The sector is facing significant logistical challenges, including availability and delivery lead times, rising shipping costs, and potential disruptions to major trade routes due to global and regional geopolitical risks. Despite these challenges, real estate development management teams are working diligently to ensure timely project delivery."
The top five areas in Dubai for units delivered this year include Al Merkadh with 4,052 units, Jumeirah Village Circle with 3,042 units, Jebel Al First at 1,518 units, Wadi Al Safa 5 with 1,273 units, and Dubai Hills Estate at 1,212 units. Looking ahead, the leading areas for future property supply are Jumeirah Village Circle, which will see 29,174 units, followed by Business Bay with 19,322 units, Dubai South at 17,925 units, Wadi Al Safa 5 with 13,345 units, and Dubai Marina at 12,960 units.
As Dubai's real estate market evolves, the upcoming Game Changers Summit will provide valuable insights for professionals navigating this dynamic landscape. With strong projected growth and challenges ahead, the focus remains on sustaining momentum and ensuring timely project delivery.
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