Dubai’s real estate sector reached AED 8.6 billion in August 2024 with off-plan properties contributing to 69.2% of the total transactions
Press Release
- UAE’s construction sector has shown a 54% increase in activity in Q2 2024 and is expected to grow by 4.6% this year
- UAE construction sector is anticipated to grow 3.8% annually from 2025 to 2028 and currently represents 15% of MENA’s $3.9 trillion project pipeline
Dubai, UAE – DHG Properties, a Swiss real estate developer renowned for its legacy of over three decades, has completed 15% of construction for its latest development, Helvetia Residences, in Jumeirah Village Circle (JVC). This progress places the firm on track to deliver its project in Q2 of 2026 with more than 50% of the 430-unit development already sold.
The UAE’s construction sector has shown robust growth via a 54% increase in activity in Q2 of this year[1]. With the value of awarded projects rising from $31 billion in 2022 to $87 billion in 2023, it reflects a significant boost in economic diversification and investment. In 2024, the sector is expected to grow by 4.6%, strengthened by substantial private investments in housing and large-scale projects; with government support also being one of the key catalysts, with an 8.3% increase in 2024 budget allocation for UAE’s infrastructure totalling $708 million. Looking to the future, the construction industry is projected to achieve an average annual growth of 3.8% from 2025 to 2028[2], backed by continued investments in sectors such as housing, transport and renewable energy projects.
As an off-plan development, growing interest in Helvetia Residences aligns with recent market data that showcases a surge in activity across Dubai’s real estate market. In August 2024, total overall real estate transactions in the emirate reached AED 8.6 billion and the off-plan segment maintained its dominance; contributing AED 5.93 billion, or 69.2%, of all activity. In contrast, ready properties accounted for AED 2.63 billion, equivalent to only 30.8% of the total transactions[3].
Helvetia Residence’s infrastructure phase is set to be complete by December 2024. Created by renowned European designers and Swiss architects, the development will meet the firm’s global standards of unparalleled quality that is seen across hundreds of projects in Europe, namely Switzerland and Serbia.
Miloš Antić, Vice Chairman of DHG Holding & Founder of DHG Properties, stated: “Helvetia Residence is a milestone development for DHG. Marking our entrance into the UAE and rising as our flagship project in Dubai’s flourishing real estate market, the investment interest we’ve received, alongside our standard for continued excellence, are fuelling our construction efforts. While our focus remains on delivering Helvetia in a timely manner and in parallel to the quality of our developments overseas, we remain committed to bolstering Dubai’s overall landscape and MENA’s $3.9 trillion project pipeline with discussions for future developments underway and new projects set to be announced soon.[4]”
Bringing its unique European flair to the UAE, Helvetia Residences in JVC caters to Dubai’s diverse population and strengthens DHG’s portfolio. With a 30-year track record, DHG boasts 300 completed projects, 2.5 million square meters of development, and over 1,500 residential and commercial projects in the pipeline.
About DHG:
DHG Properties is a Swiss property developer with over 30 years of experience in the European market. Led by its Founder and Director, Blagoje Antić, DHG has now launched its inaugural project in Dubai. Through its introduction to the UAE market, the company is poised to replicate its success and bring its signature touch of excellence to the dynamic and thriving property market in the country.
For all media inquiries contact:
Dushane Solomon | Alain Selfani | Sarika Aidasani | Amjad Mkayed
Atteline
Email: dhgpr@atteline.com
[1] https://firstbit.ae/blog/uae-construction-sector-shows-strong-growth-amidst-regional-challenges-rics-report/
[2] https://www.businesswire.com/news/home/20240731791620/en/UAE-Construction-Industry-Report-2024-Output-to-Expand-by-4.6-in-Real-terms-this-Year-Supported-by-Private-Sector-Investments-in-Housing-and-Investments-in-Construction-Projects—Forecast-to-2028—ResearchAndMarkets.com#:~:text=Construction%20industry%20in%20the%20UAE,in%20the%20real%20estate%20sector
[3] https://www.therealestatereports.com/p/dubai-real-estate-weekly-market-analysis-7bd?utm_source=post-email-title&publication_id=2194260&post_id=148100052&utm_campaign=email-post-title&isFreemail=true&r=3gncts&triedRedirect=true&utm_medium=email
[4] https://www.arabianbusiness.com/industries/construction/uae-construction-pipeline-valued-at-590bn-mena-region-has-3-9tn-of-unawarded-projects
