Dubai to add 20,000 new housing units in H2 2024

As many as 20,000 residential units are expected to be delivered in Dubai in the second half of 2024.

Almost 6,600 units were completed in the emirate between January and June this year, bringing the total number of units to 736,000, the UAE state-run Wam news agency reported.

Dubai reported more than 12 new project launches, led by developers such as Emaar Properties, Deyaar Development and Dubai Investments.

The real estate sector in the emirate attracted 50,000 new investors during the period, with real estate transactions totalling AED346 billion ($94.2 billion), a 23 percent year-on-year growth.

Dubai was listed in the top five for the fastest growth in prime property values, according to Savills. It had nearly 3 percent growth in the first half of the year, compared to an average of 0.8 percent across the 30 global cities.

According to a CBRE analysis, Dubai’s residential sale prices were 21 percent higher in H1 2024 than in the same period last year.

Sharjah property market grows

Sharjah launched seven new real estate projects covering an area of 16 million square metres, the Wam report said, citing figures from the Sharjah Real Estate Registration Department.

Two of these projects — Anantara Sharjah Residences in Al Rifaah, and Faradis Tower in Al Mamzar — were allowed to sell properties to non-citizens and Gulf nationals.

The emirate reported property transactions worth AED18.2 billion in the first half, an annual growth of 35.6 percent.