How Dubai's 2040 master plan will resolve oversupply in property market | ZAWYA MENA Edition
The new 2040 Urban Master Plan, which seeks to make Dubai the world’s best city to live in, will finally address the huge housing supply glut in the emirate, according to a property analyst.
The ambitious vision that was unveiled over the weekend looks to increase Dubai’s spaces allotted for recreation, public parks and green areas, as well provide better housing options for residents and stimulate investment.
Ultimately, the quality of life will improve, more people from overseas would want to live, work and do business in Dubai, and the total resident population will grow to 5.8 million in 2040, up from 3.4 million this year.
“With the increased international demand, the oversupply situation that we see now will be eased. Population is expected to [nearly] double in Dubai, which means a population of 5.8 million will use up the housing supply,” said Ayman Youssef, vice president of real estate firm Coldwell Banker UAE.
“This plan is in line with the recent regulations Dubai has introduced, such as the golden visa, retirement visa and access to foreign investors. The improved regulations, along with the growth in infrastructure, healthcare, innovation and sustainability will lead to greater demand for housing, and places to work from,” Youssef told Zawya.
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