Real estate sector growth in UAE

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

Major real estate companies in the UAE 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 country. The real estate sector 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 UAE.

Dubai has taken 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 have also witnessed growth, with the completion of about 6,600 new units in the first half of the year, and an additional 20,000 residential units expected to be delivered in the second half of 2024. The real estate sector in Dubai 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.

Sharjah also launched seven new real estate projects in the first half of 2024, across a total area of 16.2 million square metres. Two of these projects are licensed for sale to non-citizens and Gulf nationals, further strengthening Sharjah's position as one of the key real estate destinations in the UAE. The emirate recorded property transactions worth AED18.2 billion in the first half, a growth of 35.6 percent year-on-year.