UAE - The total number of housing units in Dubai is expected to reach one million before the end of this decade, beating analyst estimates about the emirate’s capacity to accommodate an average of only 25,000 new residential units annually, according to real estate brokerage Union Square House (USH).
Currently, more than 740,000 residential units are completed and over 50,000 are under development in Dubai, it stated.
The accelerated supply of the remaining units to reach the one-million milestone before 2030 will be driven by pent-up demand as the economy recovers from Covid-19 and the city’s population growth regains momentum.
According to the Dubai 2040 Urban Master Plan, Dubai’s population has grown more than 80-fold over the past 60 years. Analysts estimate that the city needs an average of 550,000 additional residential units to meet the projected 5.4 million population by 2040.
Gaurav Aidasani, Founder & Managing Director, Union Square House, said: "With the new visa regulations and rapid economic recovery, Dubai is truly becoming a place to call home for individuals and families, and a haven for long-term investors."
Dubai is home to more than 8,000 active real estate brokers and over 3,000 registered brokerage firms. With a growing population and more residential units coming into the market, real estate brokers play a key role in addressing the complexity of finding the right property for one’s needs.
"The key reasons demand for property will likely lead to a surge in supply include the city’s ongoing development efforts on countless fronts, its strategic location and excellent connectivity to major destinations internationally, favourable developer reputations, a relatively higher ROI compared to global investment hubs, availability of flexible payment plans and extended mortgages, as well as easy access to qualified real estate advisors," he added.
In 2021, USH said it achieved AED3 billion in real estate transactions, expanded its customer-base from six to 30 nationalities, saw a threefold growth in business performance and a twofold growth in team members.
The real estate brokerage also focused on new markets, capitalizing on demand for luxury homes from European, American and Canadian customers, it stated.
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