Commercial real estate service firm Cushman & Wakefield has released insights from its Dubai Annual Market Update 2024/2024.
Despite the growing demand for villas, research from Cushman & Wakefield found that developers have been slow to deliver on this surge.
In 2023, the number of new villa project launches was significantly lower, with a decrease of approximately 31% compared to 2022. As a result, limited supply of new villas is exerting additional upward pressure on villa sales prices and rental rates.
The update highlights that notable announcements during 2023 in the villa market include The Reportage Village by Reportage Properties in Rukan (Dubai Land), Haven by Aldar in Dubai Land, Nas Gardens by Meraas, Azizi Venice by Azizi in Dubai South, and Expo City Valley by Expo City.
However, the apartment market is experiencing a substantial uptick, witnessing a 78% increase in new apartment launches during 2023 compared to 2022, Cushman & Wakefield found.
Due to relatively lower ticket sizes and higher development returns, most developers are directing their focus toward the mainstream apartment market.
Cushman & Wakefield highlight that notable announcements during 2023 in the apartment market include Sportz by Danube Properties in Dubai Sports City, Sobha Creek Vista Heights by Sobha Real Estate in Sobha Hartland, and ultra-prime luxury apartments Como Residences and Orla by Omniyat, both on the Palm Jumeirah.
