Skyscraper-studded Dubai has been on a hot streak for the last five years — and some residents are starting to feel burned. Dubai has become one of the hottest destinations on the planet, with record visitor arrivals and immigration. But the city is straining under the weight of new arrivals, and the cracks are starting to show.
Real estate in the city has broken records for transactions as more people look to settle in Dubai. State-owned airline has reported record profits as more travellers seek out the year-round sun of the UAE. But as with many , the constant increase in arrivals is putting a strain on the local population.
Traffic feels worse than ever on roads. The price of housing continues to spike, even with new real estate projects being announced almost daily. Caught in the middle are both Emirati residents and the vast population of foreigners who power its economy, sparking rare public expressions of concern.
“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, where he's a managing director. Under current plans, the city aims to have 5.8 million residents by 2040, adding more than half its current estimated population in just 15 years.
Since 1980, its population has already soared from around 255,000 to around 3.8 million. Real estate ignited Dubai's growth in 2002 when the desert sheikdom began allowing foreigners to own property.
After sharp falls during.