As Dubai's real estate market stabilizes, developers are increasingly prioritizing the delivery of existing properties over launching new projects, indicating a balance between supply and demand. This year, developers are slated to complete 42,241 units, comprising 31,341 apartments, 9,909 villas and townhouses, and 991 commercial properties. To date, 13,815 units have been delivered across 64 projects, including 11,035 apartments, 2,562 villas and townhouses, and 218 commercial units.
In 2023, 35,160 properties were completed, boosting Dubai's residential stock to 719,000 units by year-end, as reported by the Dubai Land Department. With ongoing deliveries, the residential stock is projected to surpass 760,000 units by the end of 2024, aiding in the rebalancing of the demand-supply scenario. However, market stabilization is evident as sales transactions in Q2 2024 have begun to decline.
In the first half of 2024, 80,118 properties worth Dh233.1 billion were sold in Dubai. Notably, Q2 2024 saw a 44.1% increase in sales compared to Q2 2023, with 43,612 land and properties valued at Dh124.6 billion. Despite the dominance of major developers like Emaar Properties and Nakheel, smaller developers like Marquis Developers are also contributing to the market, often under the radar.
Marquis Developers recently handed over 91 units of its Marquis Signature project in Arjan, attended by Marwan Bin Ghalita, Director-General of Dubai Land Department. Mezuk Mohamad, Managing Director of Marquis Developers, emphasized the company's commitment to customer satisfaction and quality. Haider Ali Khan, CEO of Bayut & Dubizzle, highlighted the market's growth driven by factors like investor facilitation and new off-plan projects.
Dubai's attractiveness has been enhanced by new resident visas, leading to a surge in property demand. The city welcomed over 25,000 new residents in Q1 2024. Infrastructure projects like the new airport and metro stations have also boosted buyer interest. Unique Properties recently achieved Dh20 billion in sales, reflecting the robust market.
The UAE's economic growth, projected at 5.7%, and the increase in sales of homes above US$10 million, indicate a strong appeal to affluent buyers. Sean McCauley, CEO of Devmark, noted a rise in properties offering extensive amenities. Navas Khan, chairman of Marquis Developers, stressed the company's focus on spacious, family-oriented residences, highlighting their commitment to quality and timely delivery.
Marquis Developers operates as a Shariah-compliant, debt-free entity, allowing it to focus on excellence. The Marquis Signature project in Arjan offers a 60:40 payment plan, easing financial burdens for buyers. Mezuk Mohamad attributed the company's success to aligning properties with resident needs, as demonstrated by the Marquis 2020 project's successful delivery during the pandemic.
