UAE real estate sector driven by off-plan market as investors seek value from property pipeline
The UAE real estate market is anticipated to reach a value of AED2.5tn ($681bn) by the end of 2024, according to QUBE Development.
The growing surge is due to various factors with the off-plan market being the major contributor and responsible for 65 per cent of overall sales transactions for the month of August 2024.
It represents 54 per cent volume increase from what was recorded during the same period last year.
UAE real estate sector value
Data analytics online platform Statista forecasts the value of the UAE real estate market to reach AED2.5tn ($681bn) by the end of 2024 and QUBE Development says growth is spearheaded by the increasing influx of high-net-worth individuals (HNWIs).
These wealthy individuals have entered the market looking for strong investment opportunities with a focus on the luxury property sector, primarily in the off-plan market where a high number of ultra-luxury projects and megaprojects are currently underway.
QUBE has recently launched its first residential project, the Cubix Residences located in Jumeirah Village Circle (JVC).
It is the first of many projects to follow as the company has announced its plans to invest AED2.6bn ($708m) worth of inventory into the Dubai market by the end of 2025.
Courtesy of Arabian News
