UAE's real estate sector on upward trajectory in H1 2024

The UAE's real estate sector continued to thrive and attract investment during the first half of 2024, supported by the country's economic and financial stability, and the launch of new world-class projects to meet the rising demand for various property units.

According to a report by the Emirates News Agency (WAM), major real estate companies in the country have launched a significant number of large-scale projects since the beginning of this year, providing a diverse range of investment options that offer strong opportunities for investors and those aspiring to live and work in the UAE.

The real estate sector in the UAE is expected to continue on an upward trajectory in 2024, with the government and the private sector launching new real estate and infrastructure projects across the country.

Real estate projects launched in 2024 comprise several residential and commercial complexes and towers, as well as office spaces to keep up with the increase in the number of companies and projects. Dubai took the largest share of new real estate projects, with over 12 new projects launched by companies, such as Emaar, Deyaar, and Dubai Investments, in addition to the expansion of The Dubai Mall.

Residential properties in Dubai witnessed growth with the completion of about 6,600 new units in the first half of the year, bringing the total number of units to 736,000. Additionally, around 20,000 residential units are expected to be delivered in H2 2024.

According to figures released by the Dubai Land Department, the real estate sector in the emirate attracted around 50,000 new investors during the same period, achieving strong results with the total value of real estate transactions reaching AED346 billion, a growth of 23 percent year-on-year (YoY), with around 100,520 transactions carried out.

Sharjah launched seven new real estate projects in H1 across a total area of 16.2 million square metres. Two of these projects are licenced for sale to non-citizens and Gulf nationals: the Anantara Sharjah Residences in Al Rifaah, and the Faradis Tower in the Al Mamzar area. The emirate succeeded in strengthening its position as one of the key real estate destinations, recording property transactions worth AED18.2 billion in the first half, a growth of 35.6 percent YoY, according to the Sharjah Real Estate Registration Department.

Additionally, around four new real estate projects were launched in Ras Al Khaimah.