Real estate, like any strategic commodity, depends on the sustainability of market demand, while the population is the ammunition that promotes the growth of this sector.
In Dubai, the population is increasing at a faster rate than other markets, thanks to several major factors, which leads to the growth of the real estate market accordingly, and also encourages real estate developers to increase the supply to accommodate the renewed demand in the markets, so the real estate sector is expected to continue the positive performance and improve strongly in 2023.
I received many inquiries during the last period regarding the ability of the Dubai market to absorb new offers of real estate projects, and will you find people to live in them? My answer to this question is that Dubai is and will remain attractive to the population. In 2022, the population will increase by regarding 72,000, or approximately 2% of the emirate’s population as a whole, bringing the total officially to 3.55 million.
Of course, this increase did not come from a vacuum but as a result of several factors, including the professional and humane way in which Dubai dealt with the Corona pandemic, which exceeded all expectations, in addition to simulating reality and implementing alternative plans and facilities such as granting golden residencies, commercial licenses, etc., and hosting an exhibition « Expo 2020 is the only one of its kind in the Middle East.
In addition, Dubai has become a major home for a number of expatriates from all over the world who have come to the emirate, with the provision of attractive job opportunities, the continuation of entertainment events and the advanced infrastructure that enhance Dubai’s status as the best working and living environments at the same time.
Over recent years, Dubai has been able to promote itself better than other cities and has taken advantage of the opportunities presented by the suffering of global cities during the pandemic, which closed its doors, while Dubai was the first city to return following a closure that lasted for a few months, in addition to benefiting from major economic events, where It hosted the largest international conferences and exhibitions following the pandemic, which is “Expo 2020 Dubai”, which contributed to the ideal promotion of Dubai’s image, then was followed by the Qatar World Cup, as Dubai was the first destination for visitors, following the World Cup matches, as people who visited Qatar to attend the World Cup visited the Emirates , either before or following the match, and was an important factor in drawing the attention of the whole world to the Emirate of Dubai.
Of course, the population increase witnessed by Dubai over the past year has strengthened confidence in the emirate’s future and contributed mainly to achieving record levels of annual sales, and it is likely that these levels will continue and be exceeded, and this is evident from the transactions of the first two months of this year.
It cannot be denied that the population growth was a major reason for the rise in real estate prices and the increase in the rental rate during the last year, especially since the new residents, including a large number of wealthy people and businessmen, have boosted the demand for luxury real estate and villas. Dubai has become a major home for a number of expatriates from all over the world who have come to the emirate, with the provision of attractive job opportunities, the continuation of entertainment events and the developed infrastructure.
real estate consultant
@moshaat
