Around 30,000 new residential units will be ready to mitigate the housing shortage in Dubai by end of 2024, according to W Capital, one of the leading companies in the real estate brokerage sector in the Emirate.
In its latest study about Dubai real estate market’s prospects for second half of 2024, W Capital said it expects handing off Dubai real estate projects to rise in the second half of the year from more than 17,000 units, and the total number of residential units will be approximately 48,000 units in 2024, in line with expectations regarding new deliveries.
The report indicated that the Emirate’s real estate market was still in a state of imbalance with demand exceeding supply, while estimates indicate that balance will be achieved in the coming few years. The report noted that next year hand offs may exceed 65,000 units and will reach 70,000 units in 2026.
W Capital CEO Walid Al Zarooni said that the Dubai market proved solidarity again during 2024 through record sales numbers, and new deliveries that met expectations in the first half of the year.
“The market has reached a state of maturity that has contributed to supporting growth and breaking unprecedented limits. It seems that that trend will continue and the pace of rise will not slow down soon,” he explained.
Unprecedented Growth
The CEO stressed that the real estate sector in Dubai continues unprecedented state of prosperity and growth with investor confidence boosted by a number of real estate developers launching huge projects throughout the emirate.
He pointed out that the off-plan real estate sector in Dubai maintains the momentum of the real estate market, as investors prefer to buy off-plan properties instead of ready-made real estate projects, to benefit from investment returns in such properties, which can reach 10% based on the location, quality of construction and existing facilities.
Al Zarooni confirmed that Dubai has been witnessing an unprecedented real estate boom amidst a wide turnout from foreigners wishing to benefit from the advantages of safe investment in various sectors, especially the real estate sector, and on the other hand, obtaining residency in exchange for owning a property according to the requirements approved by the Dubai government.
He noted that the growth track of the Dubai real estate market during H1 of 2024 was amazing, and expect this performance to continue in the second half of the year.
He said that the demand remains unprecedented, driven by the Emirate’s attractiveness to new residents, investors and individuals looking for a property as it is home to the most luxurious and sought-after properties in the world, while offering higher rental returns than many other global real estate markets.
W Capital Real Estate Brokerage was established in 2007 in the UAE, specialising in real estate development, buying, selling, renting as well as consulting services for real estate companies. Since its inception, the company has sold over $54.4 million of properties to major developers.
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