Real Estate Sector in UAE Poised for Continued Growth in 2024
The UAE’s real estate sector is expected to continue its upward trajectory in 2024, despite global economic uncertainties, with Dubai and Abu Dhabi set to deliver thousands of new units, according to experts. At a panel discussion, industry leaders highlighted the strong growth and high levels of buyer demand experienced in 2023, pointing to robust economic fundamentals and increased investor confidence as driving factors.
James Allan, CEO of JLL Middle East and Africa, emphasized the resilience of the real estate industry as a key pillar of the UAE’s diversification agenda. He expressed optimism for the sector’s performance in 2024, even amid inflationary pressures, citing a positive investment climate and the UAE’s attractiveness to regional and international investors.
While luxury properties remain niche, the panelists noted the growth of branded residences and lifestyle-oriented projects, as well as the demand for affordable co-living spaces for young professionals. Dubai and Abu Dhabi are expected to deliver approximately 34,000 and 8,000 residential units, respectively, in the coming year.
Property Monitor’s data shows Dubai’s residential market gearing up for the handover of over 40,000 units in 2024, following the launch of nearly 100,000 units in 2023. With a focus on sustainability and tech innovations, the real estate landscape in the UAE is evolving to meet growing demands for green building practices and energy-efficient designs.
In the commercial sector, both cities are seeing strong demand for office spaces, with landlords benefiting from limited supply and rising rents. Grade A offices are in high demand, while the industrial sector is being stimulated by government-led initiatives like Operation 300 billion and UAE Industrial Strategy 2030.
Overall, the positive sentiment and economic indicators bode well for the real estate sector in the UAE and the wider GCC region, with Dubai continuing to lead as a dominant force in the property market. Investors are eyeing opportunities across asset classes, and the country’s high desirability index further bolsters its appeal as a lucrative investment destination.
