Dubai remains a magical world in itself; Never before has a city shown so much ambition to grow into a world metropolis. The latest achievement is the planned expansion of the airport to accommodate 400 million visitors per year.
From a distance, the critical viewer and potential buyer will think: ‘That can never go well; There will probably be a real estate bubble that will soon explode and then all those buildings will remain empty, like a Mad Max set in the desert.’
Dubai overtakes Abu Dhabi as the largest emirate
The reality is that at our new construction partner, Emaar, people are queuing up to buy an apartment and sometimes an entire floor. Investors with a vision do not see things so gloomy; they look at statistics and they don’t lie. Dubai is not only growing in size but also in permanent residents.
The latest statistics (June 2024) from the Dubai Statistics Center (part of the Dubai Government) show a population of 3,707,350 inhabitants. Dubai officially passes Abu Dhabi as the largest Emirate in the United Arab Emirates.
Who lives in Dubai?
Dubai residents are primarily expats who come from all over the world to make the United Arab Emirates their new home. Sixty per cent of ex-pats come from India, Egypt, the Philippines, and Pakistan; they have a stable income in Dubai and rent a home bought by investors.
This working class gives investors certainty that there are enough tenants. After all, there is plenty of work in construction and growing tourism. And so the circle is complete: an investment in Dubai’s new construction can be rented out quickly with a healthy return on capital.
Other ex-pats come from America and Europe and start a second life here because of the safe and stable environment. While walking through Dubai’s Creek Harbour, I saw first-hand how this region is home to many young families.
Dogs run along the landscaped beach, children play football in the grass, and parents walk along the boulevard with a stroller. It reminded me of the construction of Borneo Island in Amsterdam, a bit of pioneering in a new area where you quickly meet like-minded people. The only difference is the heat; it is warm and pleasant in winter, spring and autumn, but in summer, the heat is scorching. The air conditioning industry is doing good business in Dubai.
Why is Dubai growing
Dubai is a paradise for anyone who wants to open their own business. The government encourages entrepreneurship and offers the great advantage that you do not have to pay tax on your income. What you earn is 100% yours.
Safety is also an important reason people from unsafe areas come to Dubai. Due to war, a corrupt government, and increasing aggression in the streets, many people think, ‘I’m just going to try; who knows, you might like it.’ As the population continues to grow, we can see that the quality of life in Dubai exceeds expectations.
Vision 2040
Sheikh Mohammed bin Rashid Al Maktoum launched his vision in the Dubai Urban Master Plan in 2021. This plan shows the long-term development of Dubai in the coming decades.
The spearhead is the connectivity between the different districts, making travelling more accessible for residents and tourists. There will be more green parks and spaces, cycle paths, and the expansion of buses and the metro. It’s amazing how much greenery you find in Dubai. Innovative installations that turn seawater into freshwater have been built, preventing shortages or droughts.
Dubai is expected to grow to 5.8 million inhabitants by 2040. If you are planning to invest in the future and buy a property in Dubai, please contact us. We have direct access to the database of the most significant project developers in new construction. Many projects sell out within a day, so it is important to register in advance.
Adventure awaits!
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