Samir Hashmi

It's a busy evening at Tia Cafe, run by British boxer Lawrence Oakley.

He moved to Dubai three years ago, joining thousands of millionaires now calling the UAE home.

Oakley is part of a broader global shift of wealth towards the Gulf.

According to the UBS Wealth Report, the UAE's millionaire population grew by nearly 13,000 in 2024, one of the fastest increases anywhere in the world.

Dubai's tax-friendly environment, safety and lifestyle have made it a magnet for the wealthy, and the number of family offices and wealth investment firms operating here has almost doubled in the past two years.

I'm at Dubai Harbour where multi-million dollar yachts line the waterfront.

And just across the road, nine luxury residential towers are under construction.

But they are already sold out even before completion.

It's a snapshot of how demand from the world's wealthy is reshaping this city's skyline.

But with demand surging, some analysts warn that Dubai's housing market could face challenges.

Faisal Durrani, partner and head of research for the Middle East and North Africa at Night Frank, says much of the new housing being built is already out of reach for many residents.

That's just over $270 per square foot, the benchmark that's used to define affordable housing.

Still, luxury homes are expected to keep growing, helped by the fact that Dubai's high-end properties remain far cheaper than those in London or New York.

In Dubai, I'm the BBC's Samir Hashmi for Marketplace.