The influx of crypto-billionaires, Asian bankers, and wealthy Russians looking to safeguard their assets is causing a significant shift in the real estate market in Dubai today.
According to the data, these high-net-worth individuals' incomes have increased their costs for housing, groceries, transportation, rent, and private school tuition.
The average annual rent for a single-family villa increased by 26% to $80,436 in the year to February, according to the real estate consulting firm CBRE Group Inc., while the average annual rent for apartments increased by 28% to nearly $27,227.
The founder of the recruitment company stated that officials in the UAE claimed, on the other hand, that the price increases were less significant than in other regions due to global high inflation affecting purchasing power. Metin Mitchell, C-suite:
"Dubai's character is shifting, and it is becoming a very dynamic economy once more." "It is also becoming closer to Monaco, catering to the wealthy and high-net-worth people."
A new report showed that shopper costs rose by 7.1% yearly, prior to falling the previous summer in Dubai, in spite of the fact that it was as yet the quickest ever.
The study also found that Dubai's inflation rate fell to 5% in February, despite the fact that it was lower than in London or New York.
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