Dubai Off-Plan Market in 2024: A Surge in New Launches

Dubai's real estate sector remains vigorous, as evidenced by the substantial activity in the first quarter of 2024.

Dubai’s real estate sector remains vigorous, as evidenced by the substantial activity in the first quarter of 2024. Recording over 36,000 sales transactions, this period ranks as the second most active in the history of the market, confirming sustained investor confidence, particularly in Dubai off-plan property segment.

Dubai Market Snapshot

The beginning of 2024 has seen a wide range of investments in both established and off-plan properties, as detailed in Property Finder’s Market Watch report. The market for ready properties led with over 19,000 transactions, reflecting a 30% growth from the previous year and totalling nearly AED80 billion in transaction value. This figure represents around 70% of the total transaction value for the period, showcasing a significant rise from the prior year.

Conversely, off-plan properties, while showing a modest 4% year-on-year increase in transaction volume, accounted for 46% of the total transactions. The financial commitment to off-plan properties reached AED37.4 billion, making up 32% of the total sales transaction value, and indicating a 5% increase from Q1 2023.

Impact of New Off-Plan Launches

The early months of 2024 witnessed several high-profile launches that significantly contributed to the vibrancy of the off-plan sector. Projects like Athlon by Aldar Properties, which includes a variety of townhouses and villas, saw over 1,000 units snapped up within hours of their release. Similarly, projects such as Valo and Mangrove at Dubai Creek Harbour, Ocean Star at Rashid Yachts and Marina, and Elo and Natura by Damac Properties each achieved full sales within the first week of their introduction.

Anticipated New Communities

The second half of 2024 is poised to see the introduction of several new communities that are likely to captivate the market. Among these are Ghaf Woods by Majid Al Futtaim, Riverside by Damac, and The Heights Country Club by Emaar Properties. Each project promises distinct living experiences and state-of-the-art amenities:

Ghaf Woods by Majid Al Futtaim:

Located next to Global Village, Ghaf Woods is an eco-centric community is recognized as Dubai’s premier “forest living” community. With a strong emphasis on sustainability, Ghaf Woods provides residents with a distinctive lifestyle amidst a lush forest ecosystem. The area is expected to be home to over 20 indigenous bird species, boasts more trees than inhabitants, and offers outdoor temperatures that are up to 5°C cooler than surrounding areas.

Upon its completion, Ghaf Woods is projected to rank among the top 10 must-visit destinations in Dubai. The community will offer a variety of property types, including apartments and penthouses, available in diverse sizes and layouts.

Riverside by Damac:

Damac Riverside, beautifully positioned along the tranquil lagoon, features 1,900 residences arranged in three to four clusters, promoting a private and less crowded community environment. This development prioritizes spaciousness and exclusivity, providing only villas and townhouses, aimed at sophisticated individuals and families desiring luxurious living spaces.

A signature aspect of Damac is its exquisitely planned amenities, which are flawlessly integrated to enrich residents’ lifestyles and encourage community bonding. The amenities are organized into two main areas—the Green Vein and the Water Vein—each offering an array of recreational, wellness, and cultural opportunities.

The 4 BR Villa, located along the water canal, delivers an extraordinary living experience with sweeping panoramic views. It includes world-class amenities and high-end finishes tailored to support every facet of contemporary urban life, providing a broad spectrum of amenities and facilities to accommodate varied lifestyles.

The Heights Country Club by Emaar Properties:

The Heights Country Club and Wellness by EMAAR Properties is strategically positioned in Dubai’s emerging central area and in close proximity to Dubai South. Covering 81 million square feet with a market value of AED 55 billion, this elite development transforms contemporary living with an emphasis on wellness and tranquillity.

Inhabitants of The Heights Country Club will discover an array of opulent villas and townhouses, each meticulously crafted to provide a superlative living environment. These residences, varying in design and style, are set across different neighbourhoods and are scheduled for release in well-coordinated phases.

This development merges exclusivity, sustainability, and groundbreaking design, establishing itself as a pinnacle of premium living. It includes 1.36 million square meters of open space, 38 cycling tracks, and retail spaces that span nearly 40,000 square meters, redefining luxury living standards.

Dubai's real estate sector remains vigorous, as evidenced by the substantial activity in the first quarter of 2024.

Dubai’s Off-Plan Market 2024 in Summary

In 2024, the Dubai off-plan market exemplifies a vibrant sector supported by strategic project launches and robust investor interest. With its progressive developments and extensive infrastructure, Dubai continues to redefine success in the real estate industry, offering ample opportunities for developers, brokers, and investors alike.

As market dynamics continue to evolve, maintaining awareness and adaptability will be essential for those looking to capitalize on the lucrative prospects within Dubai’s ever-expanding real estate landscape.

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