Dubai has seen an economic boom over the last five years with soaring real estate prices and increased population. However, this rapid growth has caused significant strains, particularly in housing affordability and road congestion. Experts warn that while the city aims to increase its population significantly by 2040, the current trends may not be sustainable. As rental prices climbed 20% in major areas, residents express concerns about quality of life, with many forced to move to more distant communities.
"Dubai is on steroids but affordability risks are increasing," warned Hasnain Malik in a starkly titled report he wrote for the global data firm Tellimer.
Average prices per square foot are at all-time highs, with rental prices increased as much as 20% in key neighborhoods last year.
Today, it aims to have 5.8 million residents by 2040, adding more than half its current estimated population in just 15 years.
Cited issues like worsening traffic and rising housing costs are beginning to spark rare public expressions of concern among Dubai’s citizens and foreign residents.
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