Dubai's property market is poised for significant growth, with nearly 40,000 new off-plan units anticipated to launch in the last four months of 2024. This influx will bring the total number of new units launched this year to approximately 126,000.

The market is witnessing a robust pipeline of new projects, with around 200 additional developments in the planning stages from various developers. In the first eight months of this year, nearly 86,000 new units were launched, generating a total sales value of Dh213.7 billion. This trend is on track to surpass last year’s record of Dh272 billion, as reported by the latest Property Monitor report from Cavendish Maxwell.

With close to 200 new projects being tracked, the Property Monitor team expects new launches to maintain historically high levels throughout the remainder of 2024, with an additional 35,000-40,000 units entering the off-plan market.

The report highlights a significant uptick in development activity across various price segments and communities, particularly for apartments in Dubai Islands, Jumeirah Garden City, Dubai Maritime City, Motor City, and the Dubai Land Residence Complex. Additionally, single-family units, such as townhouses and villas, are expected to see growth in areas like The Valley, The Acres, The Oasis, and The Height Country Club.

In the past two years, Dubai has attracted numerous foreign developers eager to capitalize on the unprecedented demand for off-plan properties, fueled by a rising population currently estimated at 3.781 million. This surge in demand has driven both property prices and rents upward.

In August, sales transaction volumes increased by 0.28%, reaching 16,145 transactions—the highest ever recorded for the month and the second-highest overall. This trend of record-setting months has continued throughout 2024, with all months except April achieving their highest transaction volumes on record.

Property prices have also reached new heights, climbing to Dh1,431 per square foot—82.4% above the market low of April 2009 and 16.03% higher than the peak in September 2014. Year-on-year, prices rose by 17.7% in August, marking 42 consecutive months of increases. Year-to-date, prices have increased by 11.5% compared to 10.9% in August 2023.

Cavendish Maxwell’s report indicates that, barring any major economic or geopolitical disruptions, the current market conditions are likely to support continued growth throughout 2024. "Dubai’s property market shows strong momentum, driven by notable price growth and robust buyer confidence, despite a temporary dip in mortgage activity," said Zhann Jochinke, director of market intelligence and research at Cavendish Maxwell.

In August, the split between Oqood and Title Deed property transactions favored the former, with Oqood registrations accounting for 64.8% of all transactions—an increase of 6.5% from the previous month.

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