Property developers in Dubai are actively rolling out new projects, responding to a robust demand from end-users and tenants eager to own homes in the city. The optimism in the market is fueled by ongoing macroeconomic growth and strategic developments, including the relocation of Dubai International Airport (DXB) and the introduction of the new Blue Metro Line, which will enhance connectivity across various communities along Sheikh Mohammed bin Zayed Road and Emirates Road.
With Dubai's population surging by over 140,000 in the first 11 months of 2024, the appetite for property ownership is escalating at an unprecedented rate, driving both prices and rents to historic highs. This follows a significant influx of over 100,000 new residents in 2023, many of whom are affluent professionals and high-net-worth individuals.
In just the first nine months of 2024, residential transactions in Dubai exceeded 125,000, representing a remarkable 36 percent increase compared to the same period in 2023. The total residential sales value reached Dh86 billion for off-plan properties and Dh33 billion for completed homes.
In the past week alone, developers such as Amwaj Development, Nabni Developments, Acube Developments, Kasco Developments, and Qube Development have unveiled one or two new projects, reflecting the sustained dynamism of the market.
According to Betterhomes’ Q3 2024 report, approximately 250,000 homes are currently under construction, ensuring a steady supply to meet future demand in the emirate.
“Like the weather outside, the market has been sizzling hot. We set a new quarterly record for transactions in the third quarter, with over 47,300 properties sold. The momentum from developer launches has propelled off-plan sales to account for 66 percent of total transactions, while secondary sales have remained stable over the past three quarters,” said Richard Waind, CEO of Betterhomes.
Attractive Financial Offers
In recent years, a wave of new developers has entered Dubai’s property landscape, raising the competition level. Developers are increasingly adopting innovative strategies to entice buyers and tenants as the market evolves.
Some developers, like Nabni Developments, offer attractive payment structures, such as 40 percent during construction and 60 percent upon project completion. Major players often present even more appealing terms, like 80 percent during construction and 20 percent at completion, making their offerings highly competitive.
Innovative Amenities
Residential projects are being designed with a strong emphasis on sustainability and energy efficiency, contributing to a greener future. Developers are utilizing sustainable materials that require less maintenance, minimize heat retention, and enhance durability, which ultimately leads to long-term cost savings for residents.
New projects are also incorporating unique amenities aimed at appealing to a diverse range of buyers.
Nabni Developments has launched Avenue Residence 7 in Al Furjan, an Emirati-inspired off-plan project that marries local heritage with contemporary design. Set to be completed by early 2027, it features an Emirati-inspired façade inspired by traditional Barjeel wind towers and dhows. Residents will benefit from amenities such as two outdoor swimming pools, a majlis, a jogging track, a fitness studio, a dedicated children's play area, and a tranquil outdoor Ghaf garden.
“Our latest project responds to the growing need for family-friendly living spaces while enhancing our market presence in Dubai. This development reflects our dedication to local culture, innovation, quality, and sustainability, reinforcing Nabni’s leadership in the real estate sector,” stated Khalid Alsuwaidi, Chief Commercial Officer of Nabni Developments.
In a similar vein, developers are focusing on smart home technology, co-working spaces, and community amenities like coffee lounges, wellness centers, and gaming rooms.
Amwaj Development’s The Cube Residences offers 54 uniquely designed apartments, each fully furnished and equipped with advanced home automation systems.
“The Cube Residences exemplifies our commitment to innovative design and technology,” said Emad Saleh, founder and chairman of Amwaj Development.
“With the rapid growth of Dubai’s real estate market, we recognized the need to seize this opportunity,” added Murad Saleh, CEO of Amwaj Development.
Residents will also enjoy a variety of ground-floor amenities, including a co-working space, a lounge with a coffee cart, concierge services, 24/7 security, and rooftop features like a fitness club, sauna, and gaming room.
To further enhance the local economy, developers like Acube Developments have launched Acube Industries, an interior design and manufacturing facility aimed at reducing import costs and providing high-quality services to the region.
“This facility not only boosts our capabilities but also offers other developers in the area the opportunity to leverage our services. With advanced machinery and technology, we ensure precision, efficiency, and cost-effectiveness, providing significant value to the UAE’s real estate sector,” said Ramjee Iyer, chairman and managing director of Acube Developments.
Source: Khaleej Times
