Get the latest news and updates from Dawn
DUBAI: Just over a year after moving to Dubai, Steve found himself moving unexpectedly up the property ladder, taking advantage of a cooling real estate market amid the Middle East war.
His new apartment is larger and closer to work than his previous resident, but the rent is nonetheless 15 per cent cheaper, he said, using a pseudonym due to Dubai’s sensitivity on the matter.
When he arrived in Dubai last year, “it was really difficult to get a place in this area and the rents had gone up by a lot”, said the 35-year-old, who works in the media sector.
Dubai’s property market — a pillar of its economy — has soared in recent years, buoyed by the arrival of international high-net-worth individuals attracted by the glamorous lifestyle on offer in the emirate.
