As billionaires snapped up villas in Dubai and the city bulged with new bankers and executives, Ghida was evicted. The landlord had seen a way of doubling the roughly $3,000-a-month rent she and her husband were paying.
The couple were asked to leave their home after being told the owner wanted to move in with his family. He then advertised it for $6,000 a month. She’s now suing him for breaking rental rules. “I am hearing they have a staggering backlog of other tenants with similar situations to mine,” said Ghida, who wanted to be identified by her first name as the dispute continues.
It’s a story similar to dozens of others in Facebook groups, cafes and workplaces, and reflects Dubai’s latest incarnation: an enduring land of opportunity, though with a barrier to entry that just got significantly higher.
Key to Dubai’s brand has been a largely tax-free lifestyle that many incomers would be unable to access in their home country. But an influx of crypto millionaires, bankers relocating from Asia and some wealthy Russians seeking to shield assets is driving up rental prices and making the metropolis of more than 3 million people feel more like a playground reserved for the super-rich.
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