The surge in prices has been the probable result of Dubai’s rapidly growing population, which has created huge demand for residential properties. Dubai’s population was estimated at 1.2 million people in 2005—almost twice the number recorded in 1993, according to GlobalPropertyGuide.com. Only 7 percent of the city’s inhabitants are local “Emiratis.”
Dubai's population has doubled and is expected to double again in the next decadeThe population is expected to double again during the next decade, according to an article in The Business last December.
Dubai’s real estate market has been compared to that of Singapore in 2000, which saw property selling prices increase a cumulative 37 percent over two years, according to a December 2006 report by EFG-Hermes quoted in GlobalPropertyGuide.com. After a short period of stability, Singapore’s prices dropped sharply by as much as 30 percent of their peaks.
Dubai's population has doubled and is expected to double again in the next decadeThe population is expected to double again during the next decade, according to an article in The Business last December.
Dubai’s real estate market has been compared to that of Singapore in 2000, which saw property selling prices increase a cumulative 37 percent over two years, according to a December 2006 report by EFG-Hermes quoted in GlobalPropertyGuide.com. After a short period of stability, Singapore’s prices dropped sharply by as much as 30 percent of their peaks.