In Pics | Dubai luxury home market soars as world's rich flee pandemic
Sales of Dubai’s upscale properties, once slow, soared 230% in the first quarter of 2021, compared to the same period last year. Prices in some top-end areas rose as much as 40%, according to Property Finder, the country’s largest real-estate website.
Associated Press
May 06, 2021 / 21:34 IST
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As vaccines roll out unevenly worldwide and waves of infections force countries to extend restrictions, foreign buyers flush with cash have flooded Dubai’s high-end property market, one of the few places in the world where they can dine, shop, and do business in person. (Image: AP)
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The world’s rich are snapping up record numbers of luxury villas and penthouses, sending prices rocketing in this boom-and-bust market. (Image: AP)
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Sales of Dubai’s upscale properties, once slow, soared 230% in the first quarter of 2021, compared to the same period last year. Prices in some top-end areas rose as much as 40%, according to Property Finder, the country’s largest real-estate website. (Image: AP)
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A record-breaking 90 properties worth 10 million dirhams each ($2.7 million) changed hands last month, on top of 84 in March, surpassing heights hit eight years ago, according to real estate consultancy Property Monitor. For comparison, there were 54 such transactions in all of 2020. (Image: AP)
A big share of wealthy buyers on this man-made archipelago, popularly known as the Palm, and in other exclusive villa communities in Dubai come from Europe, India, China, and Russia, seeking a better quality of life as the pandemic rages. (Image: AP)
