Dubai’s bullish economy might be creating ripples across the world, but there is a suspicion among some pundits that it might get over-stretched in the longer run, in its attempt of gaining invisibility. The policy of developing world-class infrastructure to entice investors, entrepreneurs and tourists might be proving successful as of today, but it has also resulted into soaring real estate rates and city congestion in the recent times. This may result into some highly expensive office and living accommodations in a few years from now. Dubai hotels and Dubai apartments, a key area for the local tourism industry and economy, might get hit hard due to sharp price hikes in the future.
Dubai’s office blocks are quoted as the most expensive ones across the Middle East, and the scenario won’t change until many upcoming projects got fully commissioned. There is a growing concern that many existing and prospective buyers might decide to look out for cheaper alternatives elsewhere, within the UAE and outside, both. Many commuters working in Dubai have to spend up to three hours making a round trip from Sharjah. It’s simply out of question for them to...
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