Hussain Sajwani, chairman of Damac, warned that increasing demand for property in Dubai is driving up living costs, making it an increasingly expensive city.
The Dubai property market continues its record-breaking streak, with sales hitting 49.6 billion dirhams in July 2024, a 31.63% rise from last year.
A report from Elite Merit Real Estate indicates that the first half of 2024 saw over 43,000 transactions valued at AED122.9 billion, driven by rapid inventory absorption.
Sajwani expressed concern about the city's escalating costs due to high demand, especially in areas like education and business services, which could impact average residents.
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