Dubai’s off-plan boom propels UAE realty sales to $124bln

Dubai’s off-plan boom propels UAE realty sales to $124bln

Dubai’s resilient off-plan real estate sector, which recorded impressive growth for the past four consecutive years, has propelled the overall UAE market to hit Dh455.7 billion in sales in 2023. With demand expected to outstrip supply going forward, the off-plan sector looks set to bolster the overall market’s growth in 2024 and beyond, realty experts said. Madhav Dhar, chief operating officer and founding member of Zazen Properties, said despite the completion of over 60,000 units, demand continues to exceed supply with Dubai’s population rapidly growing to rank among the fastest globally. In 2023, Dubai was a notable bright spot, benefiting from a flourishing tourism sector that increased home demand and witnessed a sales value of Dh160.46 billion, a 72.3 per cent growth compared to the Dh93 billion sales values seen in 2022. “Furthermore, 68,783 off-plan sales transactions were logged in 2023, reflecting a 59.4 per cent increase from 43,151 in 2022, and the greatest yearly performance for this segment to date,” the property developer said in a statement. “The UAE’s visionary decision to eliminate the Dh1 million down payment requirement for the golden visa program will strengthen Dubai’s real estate landscape. This bold move not only enhances accessibility