Dubai is the world’s resurgent entrepot

Summer is sleepy in Dubai, a time when locals and rich expats flee for cooler climes. For the emirate’s property brokers, though, this one was anything but languid. Viewings were a race: show up a few hours late and that sea-view apartment may already be spoken for. One spent whole afternoons camped out in the lobbies of fancy buildings, with showings every half-hour. The United Arab Emirates (uae), a seven-member federation that includes Dubai, is forecast to add 4,000 new millionaire residents this year, more than any other country. That is welcome news for a property market which contributes 8% of gdp—if not for brokers who want to be on a beach.