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Economics

Dubai’s Latest Boom Is Pricing Out the Expats It Once Coveted

An influx of wealthy Russians, crypto millionaires and bankers have pushed up rental prices and raised the barrier to entry. 

Attendees pass a luxury automobile while arriving at the Dubai Crypto Expo on March 8. 

Attendees pass a luxury automobile while arriving at the Dubai Crypto Expo on March 8. 

Photographer: Christopher Pike/Bloomberg
Updated on

As billionaires snapped up villas in Dubai and the city bulged with new bankers and executives, Ghida was evicted. The landlord had seen a way of doubling the roughly $3,000-a-month rent she and her husband were paying.

The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for $6,000 a month. She’s now suing him for breaking rental rules. “I am hearing they have a staggering backlog of other tenants with similar situations to mine,” said Ghida, who wanted to be identified by her first name as the dispute continues.