On Palm Jumeirah, an artificial island in the Gulf, a two-bedroom flat that rented for 100,000 dirhams two years ago can now fetch 215,000 dirhams
. Restaurants and bars are heaving. Rush-hour traffic is back to pre-pandemic levels. Public transport moved a record number of passengers in February.
Official inflation figures for 2022 showed just a 0.6% increase for housing and utilities, which make up 41% of the consumer-price index. These track all leases, however, so do not reflect recent rises in rents; many in Dubai are feeling steeper increases. Apartment rents rose by 28% in the year to February, to almost 100,000 dirhams , estimatesThree factors explain the surge. One is demand, from Russians and other new arrivals. Many seek to live in Dubai’s most fashionable areas. .
Dubai’s property market has much to recommend it, from low taxes to a vast pool of would-be renters. But some wonder if the sector, the backbone of Dubai’s economy, is again becoming a bubble. The city has already endured two real-estate crashes this century: an abrupt one during the financial crisis in 2008, when property values fell by half, and a slower one from 2014 to 2020, when they slid by 35%.
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