The real estate sector in the Emirates continued to grow and attract investments during the first half of this year, thanks to the economic and financial stability that the country enjoys and the launch of new projects that meet the increasing demand for various real estate units.
According to the Emirates News Agency, WAM, major real estate companies in the country have launched many huge projects since the beginning of the year, which has increased the available investment options and attracted investors and those wishing to live and work in the Emirates, which has strengthened its position as a global center for high-quality, environmentally friendly real estate.
The real estate sector in the UAE is expected to continue to achieve good growth rates in 2024 thanks to new projects implemented by the government and the private sector in multiple regions, to meet the increase in population and expatriates looking for investment or work opportunities.
The real estate projects that were announced since the beginning of the year varied between residential and commercial complexes and towers, in addition to office spaces that keep pace with the increase in the number of companies. Dubai accounted for the largest share of new projects, as it launched more than 12 projects from companies such as Emaar Properties, Deyaar Development, and Dubai Investments, in addition to the expansion of The Dubai Mall.
In Dubai, residential real estate witnessed remarkable growth with the completion of about 6,600 new units in the first half, bringing the total to 736,000 units, with about 20,000 additional residential units expected to be delivered in the second half of 2024.
According to the Dubai Land Department, the real estate sector attracted 50,000 new investors in the same period, and real estate transactions recorded a value of 346 billion dirhams, with a growth of 23% through the implementation of 100,520 transactions.
Since the beginning of the year, Aldar Properties projects have added qualitative value to the real estate market in the country by launching about six projects in Abu Dhabi and Dubai, while Bloom Holding launched three projects in Abu Dhabi, including the fifth and sixth phases of the Bloom Living project, and Mudon Properties launched Hudayriat Island Integrated Project
In Sharjah, seven new projects were launched in the first half of the year, including residential complexes and residential and commercial towers with a total area of 16.2 million square meters, including two projects licensed for sale to non-citizens and Gulf citizens, which strengthened the emirate’s position as an important real estate destination, as the value of real estate transactions reached 18.2 million. One billion dirhams, a growth of 35.6% compared to the same period last year
Four new real estate projects were also launched in Ras Al Khaimah, including three projects by Ras Al Khaimah Properties, in addition to a residential tower, Dana Bay, by Dubai Investments.
The office real estate market also witnessed great demand during the first half of 2024, as the UAE is considered a distinguished destination for startups and businessmen. Total office inventory in Dubai reached approximately 9.26 million square meters, with 18,000 square meters to be added in the next two quarters, while office space in Abu Dhabi reached 3.95 million square meters, with an additional 125,000 square meters expected to be delivered in the second half of the year.
Aldar Properties announced plans to develop office spaces on Yas and Saadiyat Islands and Al Maryah Island, and also the launch of an office tower in Dubai with a leasable area of 88,000 square metres, expected to be delivered in 2027.
Thanks to the attractiveness of the real estate sector, foreign investors increased their investments in UAE real estate stocks, as the value of net foreign purchases reached 5.85 billion dirhams in the first half of 2024, distributed between 4.44 billion dirhams in the Abu Dhabi Financial Market and 1.4 billion dirhams in the Dubai Financial Market.
