Dubai’s total number of housing units approaches 1 million mark, beating analyst estimates
- Property milestone expected to be reached before 2030, beating analyst estimates that Dubai requires an average of only 25,000 new residential units annually
- Accelerated supply will be driven by pent-up demand as economy recovers from COVID-19 and population growth rebounds
- Over 740,000 residential units completed and more than 50,000 currently under development
- Dubai is home to more than 8,000 active real estate brokers and over 3,000 registered brokerage firms
Dubai, United Arab Emirates – May 18, 2022: The total number of housing units in Dubai is expected to reach one million before the end of this decade, beating analyst estimates about Dubai’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. 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. The city’s attractiveness is owed to many factors, including government efforts to ease residency, facilitate business set up and encourage inbound investment. Other 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.”
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.
In 2021, USH achieved AED 3 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.
USH has recently claimed the number one spot as the most awarded real estate agency in Dubai. The company has received the “Top Real Estate Agency” award from Emaar Properties for the past 10 years in a row, Dubai Properties (seven consecutive years), Meraas Properties (two consecutive years), RERA (2021), Dubai Holding (2021), and DAMAC Properties (2021). Other notable awards include Majid Al Futtaim (First Performing Partner for 2021), Nakheel (Top Performing Number Two Agency for 2021) and District One Meydan (Number One Agency for 2021).