It is not just local property developers who are launching these new projects, but some international developers have also forayed into the local market.
This is due to the fact that Dubai has distinguished itself as a stable and mature market that can give high and steady returns.
Property Monitor revealed that new launched units have been snapped up by investors as off-plan sales and they have reached their highest market share since the start of the COVID-19 pandemic.
There has also been an 8.1% increase month-to-month in the total volume of sales transactions, as they have reached a total of 12,134, which is the highest volume recorded in August.
To date, the total number of sales transactions has been 85,060, which is a 41.9% increase from the previous year and a 125.4% increase from 2021.
The monthly transaction volumes recorded this year have been higher than any figures recorded previously.
Therefore, the real estate market appears to be on track to outperform the record of highest-ever annual sales that was reached in 2009.
It is because of these strong figures that new projects are being launched by developers and there seems to be promising demand for the foreseeable future.
Moreover, most of the developers have been able to sell out their project in a few months. In fact, some developers have revealed that they have managed to sell 30% of their units even before the project launch.
It should be noted that the bonanza is not just beneficial for individual developers, but even big developers are cashing in on it.
In the last few quarters, these developers have announced some new mega-developments because the local real estate market seems to have a very strong short to medium-term outlook.
According to industry players, there will be projects worth billions of dirhams launched in the Palm Jumeirah alone.
Amongst the major property developers, Emaar Properties, which is the largest developer in the UAE, also launched a project in June named The Oasis, which is worth $20 billion.
The said project is spread across more than 100 million square feet. It will comprise of 7,000 residential units, which include villas and large mansions and would offer residents views of lakes, canals and parks.
This year, Danube Properties has already launched five projects so far and their latest project is now going on sale after they were able to sell previous projects successfully.
The largest project that the developer has launched to date is Oceanzand in the last 19 months, it has rolled out 10 projects.
Samana Developers is another private firm that has introduced a number of projects and it plans on launching a total of 12 by the end of the year.
Its CEO, Imran Farooq, said that the depreciation of the US dollar was contributing to the high real estate demand in Dubai, as property has become affordable for buyers.