Dubai: There is a severe housing shortage in Dubai’s residential sector. Real Estate Consultancy’s projection indicates that Dubai’s population is growing quickly. The population of Dubai is projected to reach 6 million in 2023 and rise to 3.5 million in 2040 due to the large number of people relocating there. To meet the city’s expanding population, a significant expansion of residential building will be needed. Dubai’s current housing infrastructure will need to be roughly doubled in size to keep up with the real estate population increase.
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In addition, over the previous 12 months, Dubai’s GDP grew by 2.8%, with the retail, aviation, trade, and hospitality sectors being the main drivers of this expansion. Notably, the hotel business added 150,000 extra rooms, making the year’s first half’s occupancy rate of 78% the highest in the world. The Emirates non-oil Sector Purchasing Managers’ Index (PMI) has also been in an expansionary phase for more than 2.5 years.
According to Shehzad Jamal, Partner, Head of Strategy, “Excluding 2023 and assuming all 40,000 homes forecast to be completed this year are delivered on time, 42,500 units are scheduled for completion between 2024 and 2028, representing an average of just 8,500 homes per year, a 75% reduction on the long-term rate of home deliveries.”
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According to data issued by the Dubai Land Department, 76,119 transactions totaling 283 billion dirhams ($77 billion) were made in Dubai’s real estate market in the first half of the year. Another key factor driving up demand among overseas investors is the nation’s Golden Visa.
According to research by Knight Frank, continuous demand has driven up housing prices across Dubai, with the market showing a 4.8% gain over the first quarter in Q2 2023 and a 17% increase over a 12-month period.
The statistics also showed that the average price of flats, which is presently AED 1,290 per square foot, has climbed by up to 21% since January 2020. The most sought-after property type, villas, have seen the strongest price growth during the same time period, rising 51% to an average of AED 1,520 per square foot.
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