With Dubai's property bubble bursting and needing financial bailout from oil-rich Abu Dhabi, the city of extravagance (and many of its mega-projects) is facing uncertainty. Dubai's Real Estate Regulatory Authority released a report today chronicling a 50% decline in rent prices. The Economist reports that Dubai's largely ex-pat population is expected to drop 17% this year.
Amid these dreary forecasts is a silver lining - especially for recent grads moving there. Falling rents and a smaller population mean lower demand and better prices mean a lower cost of living for the foreseeable future. So I'll take it.
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