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Dubai will need 550,000 additional residential units by 2040

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Dubai’s population is expected to reach 5.4 mn by 2040

Dubai will need between 483,000 to 550,000 additional residential units by the end of 2040, media reports said. Dubai’s population is expected to reach 5.4 million in the next two decades, according to the 2040 Urban Master Plan launched earlier this month.

Prathyusha Gurrapu, Head of Research and Advisory at Core told the media, “Assuming an approximate household size of 4.9 per unit based on the population estimate of 3,411,200 from Dubai statistic centre as of 2020, nearly 483,550 additional units would be required by 2040. To put this in perspective, that is around 24,000 units per year for the next 20 years.

“Developing further on strong fundamentals, Dubai’s 2040 Urban Master Plan reinforces Dubai’s competitiveness as a global destination while creating an environment where people from around the world can thrive with sustainability, diversity and inclusiveness as key focus areas.”

According to a report by the Dubai Land Department (DLD), Dubai’s real estate sector recorded around 51,414 sales transaction worth Dh175 billion in 2020 despite the coronavirus pandemic and economic uncertainties. During the period, Dubai attracted 31,648 new investors and investments worth over Dh73.2 billion.

It was also reported that Dubai’s real estate sector has witnessed the completion of around 14000 residential units during the first six months of this year. This is about 30 percent of the units that are scheduled to be handed over in 2020. According to ValuStrat Price Index (VPI) report, second-quarter residential home sales transactions accounted to 4,459 units, down 48.8 percent quarter-on-quarter and 39.3 percent year-on-year with a value of Dh7 billion and average ticket size of Dh1.57 million.

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