Dubai welcomes 10,000 new residents per month

25/05/2010 - Dubai Property News
Dubai welcomes 10,000 new residents per month

Posted by Bob Brunskill

Dubai's real estate and construction sectors will continue to grow for many years to come thanks to the rapid pace of population growth.

Linda Mahoney, founder and chief executive officer of Better Homes, observed during a lecture at Capital Club Dubai that the emirate is continuing to add around 10,000 residents per month, with the population passing 1.8 million in the first quarter of 2010 according to the Dubai Statistics Centre.

"For as long as people continue to flock to Dubai, the UAE and the region, they will need places to live, shop, do business and be entertained, and the real estate and construction areas will continue to provide such places," she said.

Ms Mahoney reflected on how the real estate sector in the UAE and the region has changed over the past two decades and since she first entered the real estate market in the Middle East during the 1980s.

She noted that in 1986, the population of Dubai was a little over 370,000, but that by 2006 this number had grown to just under 1.5 million.

Meanwhile, Al Yasat Holdings has said it is on track to complete The One Tower in Dubai after finishing work on the 22nd floor of the 47-storey building.