Abstract
ABSTRACT This study investigates the presence of a real estate bubble in Dubai’s housing market, considering the recent surge in prices. Using monthly city-level housing price data and a recursive unit root test designed for real-time bubble detection, the study covers the period from 2008 to the second half of 2023. The findings reveal that, despite the recent price increases, there is no significant evidence of a real estate bubble in Dubai’s property market. This suggests that no substantial price correction is expected in the near term, which is crucial given the heightened financing costs and potential impact of rising interest rates.
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