Real Estate

Dubai’s record property demand is creating a nightmare for some residents

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Aerial view of the Dubai Marina.

DUBAI, United Arab Emirates — Demand for property in the United Arab Emirates’ glitzy commercial capital of Dubai hit a record high for the first two months of 2023, real estate services firm CBRE revealed in a report published Thursday.

In February alone, Dubai’s residential market saw 8,515 transactions — a whopping 43.9% increase from the previous year. January and February together clocked a total of 17,741 residential transactions.

Beyond the property market, Dubai’s economic boom is evident in everyday life.

Every week, a new high-end restaurant seems to appear in the desert emirate, which morphed from a small fishing village to a bustling,…



Source cnbc.com

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