2024 Sees Supply Delays as Developers Set Sights on Record-Breaking 2025 Completions
Date
1/28/2025 8:36:15 AM
(MENAFNEditorial) From JVC to MBR City: Dubai’s Most In-Demand Locations in the FY2024 Report
Betterhomes has unveiled its FY2024 “Shaping Skylines” market report, which comprehensively analyses the city’s dynamic residential Real estate market. The year 2024 saw a significant shift in residential supply dynamics, with several project completions postponed to 2025. As a result, the total supply for 2024 was capped at approximately 27,000 units, marking a lower-than-anticipated inventory.
2025 Outlook: The delay has set the stage for a record-breaking supply surge in 2025, with projections now at 72,365 units—a remarkable 171% increase from 2024.
Off-Plan Momentum: Throughout 2024, over 470 off-plan projects were launched, averaging more than one new project per day. This reflects the city’s relentless development pace and the robust demand in the off-plan sales market.
In addition to luxury offerings targeting high-net-worth individuals (HNWIs), developers are increasingly focusing on sustainable and affordable housing solutions. These initiatives aim to cater to Dubai’s growing expatriate population while aligning with global sustainability goals.
Of the units delivered in 2024, 77% were apartments, 17% were townhouses, and 6% were villas, underscoring Dubai’s strong preference for vertical living to meet the needs of its growing urban population. This composition is expected to persist into 2025, maintaining a similar mix across the projected supply.
Prominent areas like Jumeirah Village Circle (JVC), Mohammed Bin Rashid City (MBR City), and Business Bay stood out as high-demand hubs for investors and end-users alike. Collectively, these neighbourhoods drove the bulk of the year’s completions, reinforcing their reputations as prime residential locations. Looking ahead to Q1 2025, over 9,000 units are scheduled for handover, with Sobha Hartland, Arjan, and JVC accounting for 41% of this pipeline.
Dubai’s property prices are expected to remain stable by 2026 as the market absorbs an estimated 163,000 new housing units between 2025 and 2026. This influx, driven by pre-sales from 2022 to 2023, is anticipated to balance demand. While minor price adjustments may occur, Dubai’s resilient market fundamentals, bolstered by economic growth and strategic investments in infrastructure and innovation, are expected to sustain investor confidence.
Key projects completed in the final quarter of 2024 include:
Binghatti Onyx, JVC District 15 – 438 units.
Nara at The Valley by Emaar – 372 units.
MBL Royal Residences, Jumeirah Lakes Towers (JLT) by MAG Group – 330 units.
The report underscores Dubai’s robust and resilient real estate market, shaped by strong investor demand, strategic urban planning, and continuous innovation.
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