Luxury home sales in Dubai booms as global investors find bargains. A record 84 properties, each worth Dh10 million or more, changed hands last month
Dubai , Dubai
01 May 2021, 12:00 AM
31 May 2021, 12:00 AM
International buyers are still finding bargains aplenty in Dubai’s luxury real estate, turning March into the busiest month ever for the emirate’s top-end residential properties.
The luxury end of the market has come alive in a city that became a haven for wealthy Europeans escaping repeated lockdowns at home and for others drawn by the ease of getting vaccinated from Covid-19.
According to data from real estate consultant Property Monitor, a record 84 properties, each worth Dh10 million ($2.7 million) or more, changed hands last month. In total, Dubai’s priciest homes fetched 1.7 billion dirhams in March.
The Middle East’s business and tourism hub provided an additional lure after a property downturn that started six years ago shaved more than a third off values.
Taimur Khan, head of research at Knight Frank in Dubai said, “ “We’ve seen sentiment shift quite significantly and prices are increasing across the board now. On the top end of the market, it’s mostly European money from investors seeking assets in dollar-linked economies.”
The UAE, of which Dubai is a part, introduced new visas for tourists and approved a new remote work visa that enables employees from all over the world to live and operate from the UAE. Buying a property is also one of the fastest ways of getting a residency permit in Dubai.
“Dubai is being seen as a place that’s relatively safe and less restrictive than many others,” said Zhann Jochinke, chief operating officer at Property Monitor. “Government initiatives aiming to drive more investments and people into Dubai are also helping improve sentiment on the long term prospects for the market.”