New Real Estate Developments in Dubai Announced Every 18 Hours – Business – Real Estate

The Dubai property market is experiencing a surge in new project launches, with an average of more than one project being launched daily in 2024. According to a report from Property Monitor, a real estate research and data platform, nearly 10,000 units were launched for sale in March alone, contributing to a total of 34,000 units across 120 projects in the first quarter of the year.

This high level of activity in the market is not showing any signs of slowing down, with three major developments recently announced and the upcoming launch of the “Ghaf Gardens” project by Majid Al Futtaim. The market is becoming increasingly competitive, with developers facing challenges such as meeting high buyer expectations and choosing the best investments.

Established and larger developers are expected to benefit from the market due to their pricing flexibility, while specialized developers focusing on luxury segments will also have a strong presence. New entrants to the market may find it challenging to differentiate themselves and may need to offer traditional commercial incentives to attract buyers.

In terms of property prices, Dubai saw a significant increase in March, with monthly gains reaching 2.37%. The current property prices stand at AED 1,325 per square foot, representing a 7.4% increase compared to the previous peak in September 2014. The market share of luxury properties priced above AED 10 million also saw an increase in March, indicating a growing interest in high-end real estate in Dubai.