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Population growth sparks concerns of housing gap in Dubai's residential market

Population growth sparks concerns of housing gap in Dubai's residential market

Posted on August 29, 2023   |  

The unveiling of Dubai's Economic Agenda 'D33' to double GDP by 2033 ignited housing demand due to projected population growth.

As per the Dubai Urban Master Plan 2040, the Anticipated population will be nearly 6 million by 2033 and 7.8 million by 2040, triggering the need for substantial residential expansion.

Addressing the growth targets necessitates a doubling of Dubai's housing stock, prompting the requirement for extensive residential development.

A robust GDP growth, especially in sectors like retail, trade, aviation, and hospitality, intensified the demand for housing, illustrated by high hotel occupancy rates.

Amid ongoing construction, tight housing supply in prime locales and a burgeoning population perpetuate the upward trend in prices.

The real estate sector witnesses significant transactions and price hikes, with a 4.8% Q2 2023 increase and a 17% surge over 12 months.



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