A new real estate report for the UAE from the past year has revealed that 34,950 new homes were completed in the emirate in 2023. The number is a 13 percent increase on completed projects from the previous year and is made up of 27,450 apartments and 7,500 villas.

One of the biggest residential projects to be finished in the last year is the luxury 58-storey Burj Royale in Downtown Dubai, completed late in 2023. PG Upper House, standing at 14-storeys tall, in Jebel Ali Village was also completed in the last year. It is expected that this year will see the delivery of more than 45,000 residential dwellings and approximately 500,000 square meters.

According to the Dubai Land Department, the areas most in demand for rentals last year were Dubai Marina, Jumeirah Village Circle, and Business Bay. Dubai Marina is one of the most desired areas of the city to live in.

The report from realtors Asteco found that, despite global uncertainty in the real estate market, the UAE had seen unprecedented growth during 2023. It says that the UAE’s key strategic initiatives surrounding the country’s tourism strategy and the We the UAE 2031 project were key in allowing the country to stand out as a top destination to live in.

Record-breaking figures were observed when it came to individual unit sales values, the number of sales, and the amount of new projects launched. There was also a trend in switching from long-term leases to short-term ones in the past year throughout the UAE, which allowed for a bit more financial flexibility for tenants. Property owners also benefited from the shorter-term gains from these quicker earnings as delays in the development of projects following Covid continue to leave an impact.

Dubai was, as ever, the main focal point of attention in the UAE while Abu Dhabi, Sharjah, and Ras Al Khaimah also announced the launch of new real estate projects.

Key Highlights

• Strategic Growth Initiatives: UAE’s tourism and development projects show promising growth.
• Rental Demand: Dubai Marina, Jumeirah Village Circle, and Business Bay remain top choices.
• Market Trends: Shift from long-term to short-term leases for flexibility.

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