Dubai’s property market is showing no signs of slowing. Buyers eager to secure a spot in a new luxury beachfront development — set for completion in 2028 — must put down 1 million dirhams ($272,000) just to be considered, Bloomberg reported. Penthouses come with private elevators, terrace pools, and bespoke interiors, features that aim to meet surging demand for $10 million+ homes, a segment where Dubai now leads globally, according to property consultancy Knight Frank.
The frenzy for off-plan (yet to be constructed) projects echoes the 2009 real estate bust that weighed on Dubai’s economy for years. UBS recently warned that the market looks “increasingly overheated,” yet analysts note strong fundamentals such as high rental yields, population growth, and tighter regulations that restrict speculation, which make a sharp correction less likely this time.