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February 11, 2014

JLL: Signs of a bubble in Dubai real estate?

  • Property prices jumped more than 22 percent last year and rents jumped 17 percent.
  • By AYA BATRAWY
    Associated Press

    DUBAI, United Arab Emirates — A global property consultant said Monday there are worrying signs that Dubai could be facing another economic bubble after property prices jumped more than 22 percent last year and rents by 17 percent.

    Dubai, which is part of the oil-rich United Arab Emirates, has long had a penchant for monumental buildings and development projects, notably a large area around a new airport with hotels, housing and a new conference center to host the world Expo in 2020. Dubai is already home to the world's tallest building — the Burj Khalifa — and numerous manmade islands in the shape of palm trees and a map of the world.


     
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