Dubai’s Red-Hot Real Estate Market Faces Headwinds
Residential and commercial skyscraper buildings in the Dubai Marina district of Dubai.
Photographer: Christopher Pike/BloombergWelcome to the Mideast Money newsletter, where we chronicle the intersection of money and power in a region that's become one of the most influential in global finance. I’m Zainab Fattah, Bloomberg News’ Middle East finance reporter, filling in for Adveith Nair.
This week, Donald Trump’s $13 billion man in Dubai draws skeptics, Saudi wealth fund eyes a stake in a streaming service and the UAE’s largest lender sells distressed debt. But first, let’s dive into the outlook for real estate in Dubai and beyond.
Dubai property market’s record-breaking rally over the last few years has culminated in a new milestone: Nearly 20% of homes in the city are now worth $1 million, according to Knight Frank.
The comparable figure for New York, one of the most expensive real estate markets in the world, is around 30%.