UAE Real Estate Boom: Dubai and Sharjah Lead with New Projects in 2024
The UAE’s real estate sector continued to thrive and attract investment during the first half of 2024, supported by the country’s economic and financial stability, and the launch of new world-class projects to meet the rising demand for various property units.
Dubai’s Real Estate Growth
Dubai took the largest share of new real estate projects, with over 12 new projects launched by companies such as Emaar, Deyaar, and Dubai Investments. The expansion of The Dubai Mall was also a significant development. Residential properties in Dubai witnessed growth with the completion of about 6,600 new units in the first half of the year, bringing the total number of units to 736,000. Additionally, around 20,000 residential units are expected to be delivered in the second half of 2024.
According to figures released by the Dubai Land Department, the real estate sector in the emirate attracted around 50,000 new investors during the same period, achieving strong results with the total value of real estate transactions reaching AED346 billion, a growth of 23% year-on-year (YoY), with around 100,520 transactions carried out.
Sharjah’s Real Estate Developments
Sharjah launched seven new real estate projects in the first half of 2024 across a total area of 16.2 million square meters. Two of these projects are licensed for sale to non-citizens and Gulf nationals: the Anantara Sharjah Residences in Al Rifaah, and the Faradis Tower in the Al Mamzar area. The emirate succeeded in strengthening its position as one of the key real estate destinations, recording property transactions worth AED18.2 billion in the first half, a growth of 35.6% YoY, according to the Sharjah Real Estate Registration Department.
Ras Al Khaimah’s New Projects
Additionally, around four new real estate projects were launched in Ras Al Khaimah, further contributing to the UAE’s booming real estate sector.
Doubts Revealed
UAE -: UAE stands for the United Arab Emirates. It is a country in the Middle East made up of seven smaller regions called emirates, including Dubai and Sharjah.
Real Estate -: Real estate refers to property consisting of land or buildings. In this context, it means the business of buying, selling, or renting land, buildings, or housing.
Dubai -: Dubai is one of the seven emirates in the UAE. It is known for its modern architecture, luxury shopping, and vibrant nightlife.
Sharjah -: Sharjah is another emirate in the UAE. It is known for its cultural heritage and is often considered the cultural capital of the UAE.
Emaar -: Emaar is a large real estate company in Dubai. They are known for building some of the most famous buildings in Dubai, like the Burj Khalifa.
Deyaar -: Deyaar is another real estate company in Dubai. They develop residential and commercial properties.
Anantara Sharjah Residences -: Anantara Sharjah Residences is a new housing project in Sharjah. It is part of a luxury hotel and residence brand called Anantara.
