In 2024, the UAE's real estate market continues to thrive, with an estimated delivery of 42,000 residential units, of which Dubai plans to deliver approximately 34,000 residential units, while Abu Dhabi is expected to deliver 8,000. This initiative is a response to the booming trend in the Dubai real estate industry, which witnessed an increase in the supply of new residential units in 2023.

The latest report from JLL reveals that a total of 36,000 new homes were delivered last year, with apartments making up the majority, resulting in the total inventory surpassing 719,000 units. Meanwhile, Abu Dhabi also completed over 5,000 residential units in 2023, bringing the total inventory to 284,000 units.

The residential markets in both cities benefited from strong demand last year. Dubai's real estate transaction value grew by 51% in the period from January to November 2023, with transaction volumes increasing by 43% year-on-year. Driven by demand, Dubai's average villa sales price continues to rise, reaching a record high in November 2023, up 15% from the peak in 2014.

Meanwhile, renowned UAE developer Azizi Developments has initiated the Burj Azizi project, dubbed as the "Second Tallest Tower in Dubai." The project, estimated to cost AED 5.5 billion (approximately $1.5 billion USD), is planned for completion by 2028.

Located opposite the Dubai World Trade Center, the building features a shopping center, luxury residences, top-floor apartments, a 7-star hotel, an observation deck, multiple high-end restaurants, and other facilities.

While Dubai is renowned for the Burj Khalifa, the completion of Burj Azizi will add another iconic structure to the city. However, to become the second tallest building in Dubai, Burj Azizi's primary competitors will be the locally based 425-meter-tall Harbour 101 Tower and the recently announced 450-meter-tall Aeternitas Clock Tower. If Burj Azizi aims higher to become the world's second tallest building, it will need to surpass the 678.9-meter-tall Merdeka 118 Tower in Malaysia, completed in November last year.

Azizi company states that the exact height of Burj Azizi is yet to be determined, and while the project has been approved, whether it becomes the world's second tallest building depends on approvals from relevant authorities. With the continuous development and investment in the UAE real estate market, Dubai and Abu Dhabi will remain prominent international real estate hotspots, while the completion of Burj Azizi will further enhance Dubai's skyline, reflecting its ambition and vision in architecture and development.