Page 133 - SOBHA REALTY PR REPORT - DECEMBER 2024

“The drivers are very different in this cycle and we don’t see
speculative activity. There is nothing in the data to suggest we are

approaching a cliff-edge moment,” he said.

Sales activity has hit a record with transaction volume in the first

three quarters this year surpassing the total recorded for all of

2023, according to the report. Sales in the third quarter hit a record

at 116.8 billion dirhams ($31.7 billion).

A residential construction site beyond luxury villas in the Dubai Hills
district.Photographer: Natalie Naccache/Bloomberg

Knight Frank estimates developers will build 300,000 homes by the

end of 2029 as they race to capitalize on booming demand.

“The biggest driver for the market is the shortage of homes to

accommodate the influx of people moving into the city,” said
Durrani. “The population is rising without enough stock available to

accommodate the growth, especially in the villa market where there

is hardly anything for sale.”

https://www.bloomberg.com/news/articles/2024-12-03/dubai-home-prices-set-to-surge-again-in-
2025-knight-frank-says