As Dubai’s population explodes, there will be a housing shortage
As the population of Dubai is projected to reach 7.8 million by 2040 and the city aims for goals there is a pressing need, for more housing. According to Knight Frank there is a predicted surge in development.
Despite availability construction activities are increasing, with plans for 85,200 residences by 2028 out of which 69% will be apartments. This year around 40,000 homes are expected to be built.
The demand for housing remains robust. Has resulted in a price increase of 4.8% in Q2 of 2023. Apartments have seen a rise of 21% since 2020 while villas have experienced a growth of 51%. Prominent areas such as Jumeirah Bay Island and Emirates Hills are flourishing.
by rayan on August 29, 2023
