Dubai nears 100,000 new homes in 2024, says real estate firm

Dubai has delivered nearly 100,000 homes in 2024, with the real estate market set to surpass last year’s record, according to local real estate company fäm Properties.

So far, 99,779 units have been launched this year, putting the market on track to beat the all-time high of 101,654 new homes in 2023, said the company.

Firas Al Msaddi, CEO of fäm Properties, said Dubai’s ongoing expansion shows no signs of slowing.

“The influx of new properties reflects Dubai’s robust commitment to expansion and growth,” he said in a statement released on Monday.

Al Msaddi projects that 41,800 new units will enter the market in 2025, followed by 48,400 in 2026, signalling strong activity in the years ahead.

He also highlighted the steady increase in launches, which surged by 81 per cent in 2023 and continue to rise in 2024.

Dubai keeping pace with demand

“The market’s ability to keep up with demand is shown by the consistency we’re seeing in the volume of yearly launched properties,” he added.

“With the rapid growth that we’re seeing, real estate developers and contractors are facing increasing pressure to streamline their procurement processes.

“The sector is grappling with significant logistics challenges, including availability and lead times of delivery, rising shipping costs, and the looming threat of global and regional geopolitical risks that could disrupt major trade routes,” he said.

READ MORE: Unstoppable? Dubai’s property market surges 30% in 2024

According to fäm Properties, the leading five Dubai areas in terms of units delivered so far this year are:

• Al Merkadh – 4,052 units
• Jumeirah Village Circle – 3,042 units
• Jebel Al First – 1,518 units
• Wadi Al Safa 5 – 1,273 units
• Dubai Hills Estate – 1,212 units

Meanwhile, the leading five areas in terms of future property supply are currently:

• Jumeirah Village Circle – 29,174 units
• Business Bay – 19,322 units
• Dubai South – 17,925 units
• Wadi Al Safa 5 – 13,345 units
• Dubai Marina – 12,960 units