I have always thought that the best investment in Dubai would be dormitories.
The last statistics that I heard is that the population of Dubai is comprised as follows:
15% Native Arabs
20% White Collar Europeans
65% Gastarbeiter from poor Muslim countries (Pakistan, Bangladesh, Phillipines, etc.)
These gastarbeiter need someplace cheap to be housed. I get the feeling, however, that the vast majority of housing being built is targetting the super-rich and that supply in this area will soon outstrip demand, whereas you will never go wrong at the bottom end of the market because every one new white collar resident is going to need two or three blue collar workers to look after him/her.
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