Currently, there is a supply of around 700,000 apartments and villas in Dubai. Analysts believe the city will require an additional 483,000 to 550,000 residential units in the next twenty years to accommodate its rapidly expanding population. This amounts to more than 25,000 new units each year.
This rapid population growth is expected to create substantial opportunities for real estate investors, in particular creating demand for properties within the middle-income segment of the market.
A POPULATION MASTER PLAN
The ambitious Dubai 2040 Urban Master Plan sees population growth as an essential ingredient in a recipe to maintain Dubai’s international competitiveness as an investment destination.
The plan was launched to make Dubai one of the most liveable cities in the world. It has been described as a people-centric plan which places inclusivity, diversity, and sustainability at its heart.
It focuses on developing five urban centres across the Emirate—two new and three existing—with an emphasis on efficient resource allocation, better green space and public beaches, improved educational and healthcare infrastructure, and more tourist attractions.
It is hoped it will make the Emirate a more attractive destination for tourism and foreign direct investment.
SUSTAINABILITY AT ITS HEART
In particular, it will prioritise green space, which is anticipated to occupy as much as 60 percent of the city. It will also involve significant investment into public transport, with the aim of ensuring all the city’s inhabitants are within a short walk of the transport network.
The Dubai 2040 Urban Master Plan is the latest in a long line of urban development schemes that have witnessed the city’s population balloon from just 40,000 in 1960. This latest plan is built around modern trends of happiness, wellbeing, and environmental sustainability, but it is also one that offers incredible opportunities for real estate developers as Dubai’s population continues to grow.
CALL FOR ENTRY
DRIVERS OF CHANGE: Top 20 most Influential Sustainable MENA Real Estate Professionals. You can nominate a peer, colleague, line report, or a key figure in real estate who is making a significant strides towards the MENA region’s green transition here.
