UAE Real Estate Sector Flourishes With New Projects and Strong Investment

The UAE's real estate sector thrived in the first half of 2024, driven by economic stability and new projects. Major companies launched significant projects in Dubai and Sharjah, with substantial investments and rising property transactions.

The UAE's real estate sector demonstrated robust growth and attracted significant investment during the first half of 2024. This surge is attributed to the country's economic and financial stability, along with the introduction of world-class projects catering to the increasing demand for diverse property units, according to a report by the Emirates News Agency (WAM).

Real estate companies have launched numerous large-scale projects since the beginning of the year. These include a variety of residential and commercial complexes, as well as office spaces, that provide ample investment opportunities. The government's and private sector's efforts to launch new real estate and infrastructure projects signal a continued upward trajectory for the sector in 2024.

Dubai emerged as a hotbed for new projects, with over 12 projects launched by companies like Emaar, Deyaar, and Dubai Investments. The completion of approximately 6,600 new residential units in H1 alone increased the total to 736,000, with a further 20,000 units expected in H2 2024. Real estate transactions in Dubai reached AED346 billion, with a remarkable 23 percent growth year-on-year (YoY). Meanwhile, Sharjah saw seven new projects launched across 16.2 million square meters, with property transactions worth AED18.2 billion, reflecting a 35.6 percent YoY growth. Ras Al Khaimah also saw the launch of four new projects.

(With inputs from agencies.)