Dubai housing boom buoyed by Russian buyers, burdens tenants Read more:
DUBAI, United Arab Emirates—With rents soaring and properties selling fast, the expatriate hub of Dubai is in the throes of a housing boom bolstered by rich emigres that have buoyed investors and burdened tenants.
That helped to rake in more than $140 billion last year, marking a 76-percent annual rise in property market transactions for the Gulf city-state, based on the latest official figures. Property prices in these prime locations jumped by 44 percent in 2022 compared with the year before, it said. British, Indian, Italian, and French nationals are also among the top investors, the brokerage firm says.
“The people that have lived here, especially for a while are very not happy with how high the prices have gone.”The city’s residents are used to volatility in the property market, with saw prices plummeting during the 2009 financial crisis as well as the pandemic.
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