A city whose name is synonymous with skyscrapers, luxury apartments, and residential villas, Dubai’s economic success has greatly depended on its ability to attract a large number of foreign residents, who make up 85% of the population. These individuals are encouraged to buy or rent property in the city, feeding a market which makes up 13.6% of the emirate’s GDP. However, property prices have fallen between 25 and 35% since 2014. This raises two questions – how did the housing bubble come about, and what will its impacts be?

Podcast written by John Chang and read to you by Aaryan Haria