Dubai’s real estate stays resilient this time around

An aircraft from the Emirates company flies over Dubai on May 15, 2024. (Photo by Giuseppe CACACE / AFP)

DUBAI: Dubai’s red-hot real estate market is defying predictions of a slowdown, in a sign that the Middle Eastern business hub might be breaking free from its boom-and-bust cycles.

“Prices are continuing to rise and the transient nature of Dubai seems to be well and truly over,” Taimur Khan, the head of research at global property advisory firm CBRE Group Inc, said. “Whether new or long-standing residents, most are buying for occupancy now and as a result we’re seeing prices remain resilient.”