Property Monitor, a real estate research and data platform, revealed that Dubai’s real estate market has seen an increase in new off-plan project launches, averaging more than one launch per day in 2024, with a new project being launched every 18 hours.
According to the March report on Dubai’s real estate market published by the institution, preliminary figures for new off-plan projects launched in March indicate the addition of nearly 10,000 units to the market for sale throughout the month. These projects contributed to raising the total number of launches in the first quarter of this year to an unprecedented 34,000 units across 120 projects, averaging a new launch every 18 hours.
The report added that this high level of activity in the off-plan market shows no signs of slowing down anytime soon and is likely to continue in the foreseeable future. With the launch of three new major communities announced last month, along with the upcoming launch of “Al Ghaf Forests” designed by Majid Al Futtaim, the options available to eager investors and end-users looking to choose from will grow even further.
The report continued, noting that this abundant mix of projects and options could present an increasing challenge for developers, as competition will be fierce, buyer expectations high, and greater scrutiny in choosing the best investment.
The report stated that developers, especially larger ones, will be better positioned to capitalize on the comprehensive market due to their pricing flexibility. Specialized developers focusing on luxury and ultra-luxury segments will also be in strong positions, with fewer project launches and a spotlight on targeted markets.
Newcomers to the market competing head-to-head with the aforementioned group of developers may find it challenging to stand out and may need to resort to offering traditional buyer-oriented promotions, such as gifts, post-handover payment plans, and developers covering land department fees.
