The real estate research and data platform, Property Monitor, anticipates a continued swift pace of new project launches in Dubai, particularly during the first and second quarters of this year, Invest-Gate reports.

The focus will predominantly be on luxury and high-quality developments as the market share of residential real estate units with prices exceeding AED 10 mn reached 3.7% in December. The demand for luxurious and distinctive units is also on the rise.

According to the December Dubai Real Estate Market Report, there are over 150 projects in the planning and early launch stages, indicating that the rapid pace of new project launches will persist throughout at least the first half of 2024.

The report additionally highlights an increase in the number of new and smaller developers entering the market.

The platform expects the upward trajectory of the Dubai real estate market to continue throughout 2024. However, it is unlikely to achieve the record-breaking patterns witnessed in 2023, and the current year is projected to conclude with single-digit price growth.