Residential Construction Projects Worth $125 Billion Underway in the UAE by Q1 2024

UAE Construction Market Thrives Despite Global Challenges, with $3.9 Trillion in Projects Set to be Completed by 2024

The UAE construction market has shown resilience in the face of global challenges such as inflation, high interest rates, and geopolitical tensions. According to a recent report from JLL Real Estate, the total value of construction projects that are yet to be completed in the Middle East and North Africa region is expected to reach $3.9 trillion by 2024, with the UAE holding a 15% share of it.

The report revealed that the UAE has several high-value projects worth $590 billion in the market. Among these, residential projects account for about $125 billion (21%), while mixed-use projects make up $232 billion (39%). Dubai’s real estate market saw a significant 21% year-on-year increase in sales and rental prices, with approximately 10,000 residential units delivered in the first quarter of 2024. By the end of 2024, Dubai is expected to add another 25,000 housing units, bringing its total housing stock to approximately 754,000 units.

In contrast, Abu Dhabi delivered about 1,600 units in the first quarter and is expected to deliver an additional 6,000 units by the end of 2024. Sales prices in Abu Dhabi increased by 5% annually and rental prices by 2%, with its total housing stock reaching 294 thousand units this year. In terms of hospitality, Dubai added about 58 hotel rooms in Q1 of

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