Dubai's property boom shows signs of fizzling out

LONDON/DUBAI -- As cranes speckle the Dubai skyline and ultra-luxury homes change hands at record prices, signs that the city-state's property boom is fizzling out are coming into view. "Dubai's vulnerability to correction lies in its dependence on foreign capital, particularly from China and Russia," Ronan Hannan, principal at consultancy Proven Partners, told Reuters. A construction site is seen, with the Dubai skyline visible in the background, in Dubai, United Arab Emirates, January 24, 2024. Photo: Reuters"My worry is the state of the global economy," Dubai's former finance chief Nasser al-Shaikh told Reuters. Those include Dubai's brokerages, the number of which has ballooned to about 4,000 from 1,200 in 2020, noted Betterhomes chief executive Richard Waind.