Dubai’s residential stock would cross 760,000 units by the end of 2024

Property developers are prioritizing deliveries as the market stabilizes

As Dubai's real estate market stabilizes, an increasing number of developers are prioritizing property deliveries over launching new projects. This shift indicates that the supply of property is now aligning with demand. In 2024, developers are expected to complete 42,241 units, including 31,341 apartments, 9,909 villas and townhouses, and 991 commercial properties.

So far, 13,815 units have been delivered this year, comprising 11,035 apartments, 2,562 villas and townhouses, and 218 commercial properties across 64 projects. In 2023, 35,160 properties were completed, featuring 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects. This brought Dubai's residential stock to 719,000 units by the end of 2023, according to Dubai Land Department figures.

With ongoing deliveries, Dubai's residential stock is projected to surpass 760,000 units by the end of 2024, helping to re-balance the demand-supply situation to a comfortable level. However, market reports from the Dubai Land Department indicate a stabilization, with a decline in sale transactions in Q2 2024. A total of 80,118 properties, valued at Dh233.1 billion, were sold in Dubai in the first half of 2024. Of these, 43,612 properties, worth Dh124.6 billion, were sold in Q2 2024, a 44.1% increase compared to Q2 2023. This includes 33,704 apartments, 5,887 villas, 2,891 plots of land, and 1,130 commercial units. Additionally, 8,989 mortgage transactions, valued at Dh44.3 billion, were recorded in Q2 2024, marking a 6.8% increase in number and a 34.8% increase in value compared to Q2 2023.

Leading developers such as Emaar Properties, Nakheel, Dubai Properties, Damac Properties, Danube Properties, Sobha, and Azizi dominate the headlines with their deliveries and new launches. Meanwhile, smaller developers also contribute significantly, though they often remain overshadowed by the larger players.