Dubai’s rising population set to spur property market growth

The rising population is contributing to the launch of new projects and increased supply of residential units in Dubai

The population in Dubai officially hit the 3.55 million mark in 2022, and with more expatriates making the emirate their second home, it continues to grow at a rapid pace.

To cater to this rising population, several new residential developments by renowned developers have been launched across the emirate. These include Dubai Ritz-Carlton Residences, Mama Residences Dubai, Safa One and Safa Two Towers, Cavalli Couture, and a new $5.4 billion community by Azizi Developments, among many others.

“More projects are in the pipeline, ready to be launched. This has presented foreign investors to venture into the market and benefit from the ever-growing Dubai real estate,” according to the Zoom Property Insights.

Besides real estate development, the emirate is also witnessing infrastructure development on a larger scale to accommodate the rising population.

Speaking about the impact of the rising population on the Dubai property market, Ata Shobeiry, CEO of Zoom Property, said an upscale lifestyle, safety, security, and abundant opportunities to grow as a professional or entrepreneur are just a few of the reasons why Dubai is welcoming more and more expats every year.

“The latest visa reforms have also proven to be the cherry on the cake since they have allowed foreign investors to enjoy additional perks when buying property in Dubai. All these factors continue to positively impact the property market,” Shobeiry said.