The increasing demand has been a key factor in the continued rise of average villa sale prices in Dubai.
In 2024, the property market in the UAE is poised for significant growth, with the delivery of 42,000 residential units anticipated across Dubai and Abu Dhabi. According to a report by JLL, Dubai is expected to witness the completion of approximately 34,000 units, while Abu Dhabi is slated to add 8,000 units to its residential inventory this year. This follows the trend observed in 2023, where Dubai experienced a surge in its real estate sector, witnessing the delivery of 36,000 new homes, primarily in the form of apartments, bringing the total stock to over 719,000 units.
Abu Dhabi also contributed to the uptick, completing over 5,000 units in 2023, resulting in a total completed stock of 284,000 units. Both cities benefited from robust demand in the residential market, with Dubai seeing a remarkable 51% year-on-year increase in value and a substantial 43% year-on-year increase in volume from January to November 2023.
A noteworthy highlight is the continuous upward trajectory of Dubai’s average villa sale prices, reaching an unprecedented peak in November 2023, surpassing the previous high of 2014 by 15%. This surge is attributed to heightened demand, reflecting the dynamic and flourishing real estate landscape in the region.
