An Expat’s Guide to Real Estate in Dubai
ByNot everyone can buy, but if you have the money, there’s an overabundance of rentals.
Dubai, a relative newborn on the world stage, was a city built around cars. And even though its economy is more diversified than those of its Gulf neighbors, this desert metropolis still feels ripple effects of the oil industry’s booms and busts.
From 2011 to 2014, when oil prices were more than $100 a barrel, Dubai’s property market soared. Apartments in the world’s tallest building, the Burj Khalifa, were more than $1,000 per square foot, according to consultants Cluttons LLC. Now, as oil hovers at $70, values in the Burj Khalifa have dropped to about $650 per square foot. But the Russian currency crisis and Brexit, coupled with increased taxes and fees for everyday purchases, have made Dubai a less affordable place to live…
