Dubai housing costs soar to Manhattan peaks, forcing moves to outskirts | Reuters:
"An economic rebound has catapulted house prices and rents in Dubai to Manhattan-like peaks, the Gulf emirate's top property website says, forcing increasing numbers of residents to move to its cheaper outskirts or even to consider returning home abroad.
Rents fell 1 percent in the third quarter after 10 straight quarters of price rises, property consultants CBRE reported this week. But the sustained cost of living surge has driven hundreds of families to relocate to smaller homes on the fringes of the opulent, highrise urban canyon that soars out of empty desert.
Research by Dubai website Dubizzle showed rents and house prices in Dubai's prime locations now match those in Manhattan."
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