The population of Dubai has continued its upward trajectory into the first quarter of 2024, with a significant influx of foreign workers and investors choosing the emirate as their new home. According to data released by the Dubai Statistics Centre, the population surged by 25,776 people from January to March, reaching a total of 3,680,785 residents.
Comparing this growth to the same period last year, it’s evident that the pace has quickened, with the population increase exceeding that of the previous year. The attraction of Dubai’s latest residency schemes, particularly the golden and silver visas, has been a key factor in drawing in high-net-worth individuals from around the world.
This population surge has sparked heightened demand for rental properties and consumer goods, contributing to a projected inflation rate of 2.5 per cent for 2024, as forecasted by the UAE Central Bank. However, despite this growth, migration of foreign workers is expected to slow down in the coming years, following a massive inflow over the past three years.
The Central Bank of the UAE anticipates that inflationary pressures from domestic demand will remain subdued due to this deceleration in migration inflows, coupled with a slowdown in non-oil output. Nevertheless, Dubai and the UAE are poised for continued population growth in the foreseeable future, driven by robust economic expansion that promises to attract more foreign companies and create additional job opportunities.