Dubai Population Surges by 25,700 in First Quarter of 2024

In the first quarter of 2024, Dubai witnessed a notable surge in its population, primarily attributed to an influx of foreign investors and laborers. Compared to the same period in the previous year, the emirate experienced a swifter increase in population growth.

Data from the Dubai Statistics Centre revealed that between January and March 2024, the population of Dubai surged by 25,776 individuals, reaching a total of 3,680,785. This surge surpassed the population increase of 25,489 observed during the corresponding period the previous year, signifying a more rapid influx of foreign professionals.

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The introduction of recent residency programs such as the golden and silver visas has attracted thousands of affluent foreigners from various parts of the globe, eager to establish permanent residence in the United Arab Emirates.

The substantial rise in population has resulted in heightened demand for consumer goods and rental properties. The UAE Central Bank projected an acceleration in inflation to 2.5% in 2024, albeit remaining notably below the global average.

However, it is anticipated that the influx of foreign laborers may decelerate in the coming years, following a significant surge over the past three years. Data from the Dubai Statistics Centre indicated that the emirate's population has surged by 269,300 since January 2021, averaging around 6,900 new residents each month.

The Central Bank of the UAE, in its fourth-quarter 2023 report, highlighted subdued inflationary pressures from domestic demand, attributing it to the slowdown in migration inflows, a decrease in non-oil output, and residual effects from the preceding year.

Looking ahead, Dubai and the UAE are poised to witness further population growth as more international businesses opt to establish their headquarters in the region, driven by robust economic expansion. This influx of businesses is expected to generate additional job opportunities, consequently fueling population growth in the foreseeable future.

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