Dubai’s population grows in the first three months of 2024!

Q1 has officially come to an end, and Dubai has been abuzz throughout, keeping up the rising momentum of 2023 - records are being broken while bars are being set in Dubai.

What’s new this time around?

Dubai’s population has grown by over 25,700 new residents in Q1 of 2024 - and we’ve got all the stats, and all the updates you need to know!

Fun fact: Dubai’s population grew faster in the first quarter of 2024 compared to last year’s first quarter!

Diving into the numbers

Statistics from the Dubai Statistics Centre showed the population of Dubai grew by 25,776 during Q1 of 2024 to 3.6 million (3,680,785). This was mainly fueled by trade, finance and tourism.

The population during the same period last year grew by 25,489, although the flow of foreign professionals continued at a faster pace.

Furthermore, the Dubai Statistics Centre data also noticed the population of Dubai has increased by 269,300 since January 2021, which on average is an increase of 6,900 new residents every month!

What has fueled the rapid population growth in Dubai?

In Dubai, we have seen a three-year high for real estate, foreign investment, foreign trade and tourism - but the biggest fueling factor behind the population growth was from golden and silver visas.

Last year, it was announced that real estate investors do not need to meet the minimum downpayment of AED 1 million in order to get their hands on the Golden Visas. Now, buyers can get the Golden visa as long as the property’s value is higher than AED 2 million - this has been quite popular among foreigners who are looking to make UAE their home, attracting thousands of high-net-worth individuals from across the globe.

Apart from this, silver visas became highly affordable too, and were highly appealing to businesses shifting their base to the UAE, as it was easier for them to get employee visas.

Silver visas are a type of residence visa that are issued to people who want to live and work in the country. It allows you to stay in the UAE for up to 5 years, after which you can apply for permanent residence.

This increase in population also resulted in higher demand for rental properties and consumer goods. For 2024, the UAE Central Bank projected inflation to accelerate to 2.5%, but that’s still much lower than the world average.

Overall, the country’s GDP is expected to go up by 4.2% this year and to 5.2% by next year - all purely fuelled by population growth and an increase in spending.

Awesome, right?

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