Dubai’s real estate developers are scrambling for land, fueled by soaring off-plan sales and rising property demand. In August 2024 alone, 1,396 land transactions worth AED 15 billion ($4 billion) were recorded, more than doubling January’s 473 plots valued at AED 7 billion.
What’s Driving the Land Grab?
- Surging Off-Plan Sales – In H1 2024, 47,600 off-plan properties were sold, making up 60% of total sales, up from 40,000 (56%) in H1 2023. Developers are rushing to acquire land to meet buyer demand.
- Land Scarcity – Prime plots are running out, pushing developers to secure locations before prices climb further. “Plots are the rarest currency in Dubai today,” said Firas Al Msaddi, CEO of fäm Properties.
- Massive Project Pipeline – 276 new real estate projects launched between January and August 2024, with 217 still under development.
Investors and Developers Betting on Growth
Dubai’s real estate sector continues to attract global investment, backed by government policies, infrastructure expansion, and strong demand from high-net-worth buyers. Developers are looking ahead, with $590 billion in upcoming construction projects, including $357 billion in residential and mixed-use developments.
What’s Next?
- Land prices will keep rising as availability tightens.
- Developers may shift focus to emerging areas outside the city center.
- Off-plan sales will remain strong, reinforcing Dubai’s position as a global real estate hub.
Bottom Line
Dubai’s real estate market is in overdrive, and developers are moving fast to lock in land before supply dwindles further. The demand is there, but securing prime locations is becoming the biggest challenge.
