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Date: 02/10/2007

800 new residents setting up home in Dubai every day

Dubai: House rents in Dubai, the single largest worry among the majority of the emirates 1.3 million residents, will continue to appreciate in the coming years due to the influx of a whopping 292,000 new entrants - employees and residents every year, officials said yesterday.

Although the market showed signs of softening in recent past, the issuance of more than 800 work and residence visas per day will continue to push the demand upwards, they say.

At this rate, the population of Dubai is to grow at 22.46 per cent, doubling in about four years. The 44,000 new housing supplies in the UAE this year would be inadequate compared to the requirements.

While this might be a good news for investors, developers and landlords, it may not go down well with tenants who are struggling to make ends meet, making life in Dubai dearer.

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