Dubai’s real estate market experienced a thrilling surge in new development projects during the first quarter of 2024, with nearly 150 new projects entering the sector, Invest-Gate reports.

Approximately 21,000 residential units were introduced to the market within three months. This follows a remarkable increase in new development projects in 2023, with 340 projects launched, marking an 88.8% rise from 2022.

The Dubai Land Department’s annual report revealed exceptional performance in the emirate’s real estate sector over the past two years, exceeding half a trillion dirhams in total transactions, reaching AED528 bn and AED634 bn in 2022 and 2023, respectively.

Investment in Dubai’s real estate sector surged in 2022, with 115,183 transactions totalling AED264.15 bn, involving 80,216 investors, representing a growth of 59.5% in transactions, 78.4% in value, and 53% in the number of investors compared to 2021.

In 2023, real estate investments in Dubai continued their impressive growth trajectory, with a 55% increase in value, reaching AED412 bn through 157,798 transactions involving 113,655 investors, including 71,002 new investors, constituting a reassuring 20% increase.

Total real estate transactions in Dubai during the first quarter of 2024 amounted to AED166 bn, reflecting 47,120 transactions, a 30% increase in value and a 22% increase in volume compared to the same period in 2023.

These figures indicate a record-breaking performance for Dubai’s real estate market in the first quarter, with expectations of surpassing AED664 bn transactions. Sales also surpassed AED110 bn in the first three months of 2024, with 37,130 transactions, marking a 25% increase in value and an 18.8% increase in volume compared to the same period in 2023.