Team Blitz India
Both local and foreign developers are aggressively launching projects, averaging more than one launch every day in the first quarter of 2024 in Dubai.
According to preliminary numbers released by Cavendish Maxwell’s Property Monitor, new off-plan project launches in March 2024 reached close to 30 projects with 10,000 units being added to the market for sale throughout the month.
“These projects now bring the total number of launches in first-quarter of 2024 to an unprecedented 34,000 units spread over 120 projects — an average of a new launch every 18 hours,” said Zhann Jochinke, director of marketing and research at Cavendish Maxwell.
“This phenomenal level of activity in the off-plan market shows no signs of abating anytime soon, and will likely continue for the foreseeable future, with the pipeline of projects in the planning phase being tracked by the Property Monitor team well exceeding 100 additional projects across existing master communities,” Jochinke said in the monthly report.
Unprecedented demand for the Dubai property market has prompted developers to launch new projects.
Some of the major projects that were launched this year include Emaar Properties’ Dh55 billion Heights Country Club and Dh41 billion Grand Club Resort; Danube Properties’ Dh2.4 billion Diamondz and Dh3 billion Bayz101; Deyaar Development’s Dh700 million tower in Jebel Ali; Swiss developer DHG Properties’ tower in JVC; the Central Down Town by Aqua Properties; Dh22 billion Arabian Hills Estate and many others by local and foreign developers.
