Dubai’s rising population set to spur property market growth

Dubai’s rising population set to spur property market growth

- The population in Dubai hit the 3.55 million mark in 2022.

- To cater to the growing population, many developers have launched new residential developments across Dubai.

- The yearly transactions crossed the half-a-trillion dirhams mark for the first time in 2022 after a 76.5 per cent increase.

- The rental market also witnessed a boom, as the average rent climbed up by nearly 27 per cent.

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