Property developers in Dubai have dismissed concerns about slowdown in the market as they are confident of selling their projects in 2025 as fast as they did in the past few years due to a strong appetite from investors and end-users for projects backed by reputed developers with good locations.
Many real estate analysts said that data showed that the market is slowing down after a strong four-year rally, which drove prices and rentals to record highs.
Wissam Breidy, CEO of HRE Development, believes that projects will be sold at the “same pace” because more new residents are coming to Dubai.
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“We don’t have a lot of units in the market. People are asking for units. When we launch a project, within two months, we sell 1,700 units. There is too much appetite in the market. Dubai is unique and everyone wants to be in Dubai,” said Breidy.
“From my perspective, the projects will sell more and more at a faster pace because everyone wants to be here,” he said.
In 2024, Dubai’s real estate market had a record-breaking year, with new milestones being set throughout 2024, culminating in an all-time peak of 180,900 transactions worth Dh522.1 billion, an increase of 36 per cent and 27 per cent, respectively.
Christopher Cina, development sales and consultancy director at Betterhomes, projected stabilisation in property prices in 2025, spurred by over 72,000 new residential units which will provide a more balanced market environment.
The strong appetite for Dubai residential property has resulted in many new foreign developers foraying into Dubai’s market to meet the shortfall in demand.
Mehdi Kavoosi, chairman of Bamx, said with the emirate’s real estate market experiencing an upward trajectory, they want to capitalise on the opportunities ahead.
“Anticipating continued growth in the coming years, we look forward to bringing a new era of superior living to Dubai,” Kavoosi said at the launch of the company’s operations in Dubai.
Haider Ali Khan, CEO of Dubizzle Group Mena, said Dubai’s real estate market has truly outdone itself.
“It’s clear that this dramatic growth is driven by the government’s proactive initiatives including the revised property visa offerings and expansion of freehold areas. Considering the robust economic progress of Dubai and the announcement of major infrastructure projects like the Dubai Metro Blue Line and Al Maktoum Airport, this momentum is unlikely to slow down soon. The demand for properties is at an all-time high with the off-plan sector in particular showing unprecedented interest,” said Khan.
Citing an example, Wissam Breidy said 1,100 units of HRE Development’s SkyHills One project were sold within one-and-a-half months, 600 units of SkyHills 2 within a month and 500 units of SkyHills 3 within a month-and-a-half last year.
He dismissed concerns about a slowdown in the market.
“I don’t believe so because people will always have an appetite for this market – especially now when the whole region is growing. Previously, Dubai and UAE alone did all the branding for this region. They were fighting alone. Now you have Saudi Arabia, Qatar, and Bahrain doing something and promoting the region,” he said on the sidelines of the launch of SkyHills Astra, 1,700-unit twin-towers in Al Barsha South.
Each apartment sold in SkyHills Astra will contribute to advancing education for children in developing countries, and residents of the project will receive personalised certificates from Dubai Cares and HRE Development, acknowledging their role in supporting quality education for children in developing countries
Waheed Abbas
Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that dir…More
