Beyond Stability: Developers' Commitment to Quality and Timely Deliveries

Shift in Focus: Developers Prioritize Property Deliveries

Developers in Dubai are shifting their focus from launching new projects to delivering completed properties, signaling a stabilization in the city's real estate market as supply meets demand. This year, they plan to complete 42,241 units, including 9,909 villas & townhouses, 991 commercial properties, and 31,341 apartments.

Market Stabilization and Future Outlook

So far, developers have completed 13,815 units, comprising 2,562 villas and townhouses, 218 commercial properties, and 11,035 apartments across 64 projects, underscoring their commitment to quality. According to the Dubai Land Department (DLD), 35,160 properties were completed in 2023, including 28,650 apartments, 5,187 villas and townhouses, and 1,323 commercial properties across 154 projects. By the end of 2023, Dubai's residential stock is expected to reach 719,000 units.

With ongoing property deliveries, Dubai's residential stock is projected to exceed 760,000 units by the end of 2024, helping to balance supply and demand. Despite market stabilization, there was a noticeable drop in sales transactions in the second quarter of 2024, with 80,118 properties sold in the first half of the year, totaling approximately AED 233.1 billion.

Strong Sales Growth in Q2 2024

In Q2 2024, Dubai recorded impressive sales of 43,612 land and properties valued at AED 124.6 billion, marking a 44.1% increase over Q2 2023. This included 1,130 commercial units, 2,891 plots of land, 5,887 villas, and 33,704 apartments. Additionally, there were 8,989 mortgage transactions, up 6.8% from the previous year, with their value rising by 34.8% to AED 44.3 billion.

Emerging Players and Projects

While major developers like Emaar, Nakheel, and Dubai Properties dominate, smaller firms also make significant contributions. For instance, Marquis Developers launched the Marquis Insignia and Marquis Signature projects, handing over 91 units in Arjan. This event was attended by Marwan Bin Ghalita, the Director-General of the Dubai Land Department.

Market Outlook and Growth Factors

The CEO of Bayut & Dubizzle, highlighted continued growth in Dubai’s property market, driven by investor-friendly policies, transparent transactions, and new off-plan projects. The introduction of new resident visas has increased demand, with over 25,000 new residents arriving in Q1 2024. Infrastructure developments like new metro stations and the Etihad Railway have also spurred interest in surrounding areas.

Luxury Market Trends

Dubai’s luxury real estate market remains attractive to high-net-worth individuals, with property sales above US$10 million increasing by 19% in Q1 2024. According to the CEO of Devmark, there is a rising demand for properties with extensive amenities, reflecting global trends towards high-end, hotel-like living experiences.

Commitment to Quality and Trust

The Chairman of Marquis Developers, emphasized the company’s focus on building spacious, family-friendly homes that offer solid investment opportunities. Marquis Developers, a debt-free and Shariah-compliant company, is committed to delivering high-quality homes on time, bolstering customer trust.

Innovative Payment Plans

Most of the projects in Arjan, JVC like areas offered a 60:40 payment plan, easing the financial burden on buyers by requiring 60% during construction and 40% at handover. This strategy, along with properties tailored to market needs, attracted buyers without intensive marketing efforts.

Dubai's property market continues to evolve, balancing supply and demand while catering to both luxury and more affordable segments. With ongoing developments and supportive government policies, the market remains dynamic and appealing to investors and residents alike.

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