Dubai’s real estate market is expected to receive 110k new residential units by the end of 2025 to meet the surge in demand, according to an Emirates NBD Research report (pdf). Some 21.3k units have been handed over across Dubai in 2024 so far, with another 25k units currently under construction.

The emirate’s residential unit sales increased by 22% y-o-y so far in 2024 to reach AED 303.45 bn, with the total number of Dubai properties transacted in September setting a new monthly record of over 16.8k units. This brings the number of units sold across Dubai from January to September to 121.1k units, a 31% y-o-y increase. The quarterly average of units sold in 2024 surged to 27k compared to 16.2k in 2022.

Off-plan sales are growing: Dubai’s off-plan units sold in September reached an all-time high of 12.1k units, amounting to 72% of the month’s total demand and surpassing the completed projects, which reached 4.7k transactions.

Most active developers: Emaar has been the most active developer in terms of project launches, introducing more than 4.5k units in 3Q 2024. Damac Properties is second in line, with 3k units launched during the quarter, while Azizi Developments launched 1.7k units.

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