Dubai, renowned for its towering skyscrapers and ultra-luxury villas, saw record real estate transactions in 2022, largely due to the influx of wealthy investors—especially from Russia. But it has become a headache for renters
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 has buoyed investors and burdened tenants.
Dubai, renowned for its towering skyscrapers and ultra-luxury villas, saw record real estate transactions in 2022, largely due to the influx of wealthy investors -- especially from Russia.
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.