UAE Real Estate Sector Flourishes with New Projects and Investments in 2024

The UAE's real estate sector demonstrated robust growth and attracted significant investment in the first half of 2024, bolstered by the country's economic and financial stability and the launch of new projects.

According to the Emirates News Agency (WAM), major real estate companies initiated numerous large-scale developments, offering diverse investment opportunities for both investors and residents.

The sector is projected to maintain its upward trend throughout 2024, with both government and private sectors actively launching new real estate and infrastructure projects. Dubai led the charge with over 12 new projects from developers such as Emaar, Deyaar, and Dubai Investments, alongside expansions like The Dubai Mall. The city's residential market saw the completion of approximately 6,600 new units, bringing the total to 736,000, with an additional 20,000 units expected by the end of the year.

The Dubai Land Department reported attracting around 50,000 new investors in H1 2024, with real estate transactions totalling AED346 billion, a 23% year-on-year increase across approximately 100,520 transactions.

In Sharjah, seven new projects were launched, covering 16.2 million square meters. Notable developments include the Anantara Sharjah Residences and the Faradis Tower, both open to non-citizens and Gulf nationals. The Sharjah Real Estate Registration Department recorded AED18.2 billion in property transactions, marking a 35.6% YoY growth.

Ras Al Khaimah also saw the launch of four new real estate projects, contributing to the UAE's expanding property market.

Overall, the UAE's real estate sector continues to thrive, driven by a steady influx of investments and new projects, solidifying its status as a prime destination for real estate opportunities.

News Source: Emirates News Agency