Dubai Real Estate Boom: Over 80% of Units Launched Since 2022 Sold Out

Dubai's real estate market is experiencing a remarkable boom, with more than 80% of property units launched since 2022 being sold out. This surge in demand highlights a significant recovery and growth in the emirate’s property sector, driven by both local and international developers. Since 2022, over 214 new projects have been introduced, of which 148 are currently active, reflecting the strong confidence in Dubai's market. The Dubai Land Department's data reveals that developers have managed to sell entire inventories in record time, with some projects selling out within hours. The post-pandemic period has seen a high influx of property buyers, particularly end-users and residents, seeking to secure their own homes amid a competitive rental market.

The demand for property in Dubai has been unprecedented, with transaction volumes in May 2024 reaching a record 15,766, a 44.2% increase from the previous year, according to CBRE. This surge is coupled with rising property prices, now standing at Dh1,360 per square foot as of May 2024, surpassing the 2014 market peak. The high demand from owner-occupiers indicates a strong long-term market outlook, potentially offering some relief to the rental sector, although it’s unlikely to significantly impact sales prices. Real estate consultancies notes a shift in buyer preferences, with a move away from Dubai's core and prime residential areas due to limited supply and escalating costs. Buyers are now exploring more affordable and emerging neighborhoods, reflecting a broader change in the city’s real estate landscape.