Dubai needs '350,000 new homes' as population grows

With a projected population of five million by 2030, Dubai is set to reach a new milestone as one of the world’s fastest-growing cities.

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According to a market update released by “DXB Interact,” which tracks the city's demographic development, its trajectory, and its impact on the real estate sector, the city’s population officially crossed the four million mark in August.

The report indicates that an urgent need for up to 350,000 new homes will be created with the population growth by more than one million new residents before the end of 2030, based on the average household size.

However, taking into account multiple homeowners, nonresident buyers, normal vacancy levels and the need to replace older buildings, this total could rise to 500,000 homes, the report added.