Dubai features
Dubai real estate demand is booming as the government’s handling of the coronavirus pandemic and open visa policies attract foreign buyers more. The emirate’s luxury real estate market – including waterfront villas on the city’s man-made, palm-shaped islands – is benefiting from the influx of wealthy investors, such as Russians seeking to protect their assets, cryptocurrency millionaires and bankers fleeing the restrictions of containing the disease. Covid-19 in Asia, as well as India’s rich looking for second homes.
Luxury real estate will generate $4 billion in Dubai in 2022
The city is also emerging as a favorite of hedge fund speculators, drawn by the ease of doing business and tax breaks, and its attractiveness as a global travel hub.
The wealth of more than a third of the ultra-high-net-worth individuals in the Middle East increased in 2022, by more than 10%, according to Knight Frank.
Despite this, Dubai is one of the least expensive luxury home markets in the world, thanks to its “affordable prices”, as it ranks 16th out of 20 major global housing markets in Knight Frank’s list.
at current market prices; The $1 million value provides 1,130 square feet (104.98 square metres) of residential units in prime real estate areas such as Palm Jumeirah, Emirates Hills or Jumeirah Bay Island, which is four times the area available in New York, London or Singapore.
The current boom shows no sign of abating. It is expected that the prices of ultra-luxury homes in Dubai will rise by 13.5% this year, after rising 44% last year, according to the consultancy.