Dubai’s population continued to increase in the first quarter of 2024 as more and more foreign workers and investors flocked to the emirate.
The emirate’s population grew faster in the first quarter of 2024 as compared to the same period last year.
The Dubai Statistics Centre’s data showed the population of the region’s trade, finance and tourism hub grew by 25,776 during the January-March 2024 period to 3,680,785. While the population during the same period last year grew by 25,489, reflecting that the flow of foreign professionals continued at a faster pace.
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The latest residency schemes – golden and silver visas – have been quite popular among foreigners who are looking to make UAE their home, attracting thousands of high-net-worth individuals from across the globe.
This increase in population has resulted in higher demand for properties for rentals and consumer goods. For 2024, the UAE Central projected inflation to accelerate to 2.5 per cent, but still much lower than the world average.
However, migration of foreign workers is likely to slow down following massive inflow over the past three years. As per Dubai Statistics Centre data, the emirate’s population has increased by 269,300 since January 2021, an average increase of 6,900 new residents every month.
“Inflationary pressures from domestic demand are expected to be subdued in light of the deceleration in migration inflows, a slowdown in non-oil output, and some inertia from the previous year,” the Central Bank of the UAE said in its fourth quarter 2023 report.
The population of Dubai and UAE will continue to increase in the coming years as strong economic growth will attract more foreign companies to set up bases here. This will generate more job opportunities, resulting in an increase in the population.
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