Under the title "Dubai Transforms into a Haven for the Wealthy: High Demand for Luxury Properties," Al Arabiya reported on the transformation of Dubai's luxury real estate into a sanctuary for the world's wealthy. This shift follows the disruptions caused by the pandemic, which affected their businesses due to lockdowns and restrictions in their home countries. Dubai's notable success globally in combating the pandemic and implementing appropriate precautionary measures, alongside the UAE and Dubai achieving high vaccination rates against COVID-19, has contributed to this trend.
Sales of luxury properties in Dubai surged by approximately 230% during the first quarter of this year, with prices in upscale areas rising by up to 40% due to significant demand. Global media reports have emphasized the increasing appeal of Dubai properties to affluent individuals, highlighting the diverse opportunities and options, particularly in luxury villas and apartments, and attractive returns that boost investment flows into the emirate's properties, as reported by Al-Bayan newspaper.
The Associated Press noted the remarkable rise in luxury property sales in Dubai, with the city becoming a safe haven for the wealthy, confirming that sales jumped by about 230% in the first quarter. Christoph Reich, head of a group that owns real estate and financial technology companies, stated: "Here in Dubai, there is only one strategy: business as usual. The philosophy is simple: make sure everyone is vaccinated and keep everything open."
He added that "as the vaccination campaign against COVID-19 continues strongly in the UAE while infection waves increase globally, forcing countries to broaden their monitoring and lockdown measures, foreign buyers are flooding into the high-quality real estate market in Dubai, one of the few safe havens in the world. It is breaking records for luxury villas and penthouses, which will increase prices in this booming market."
According to Real Estate Consulting Property Surveillance, 90 properties valued at 10 million dirhams were traded last month, surpassing previous highs recorded in March. Matthew Cook, a partner at Knight Frank consultancy, remarked, "Buyers are beginning to seize competitively priced homes, while analysts say this trend will continue until prices rise significantly." He also mentioned, "The market is experiencing a boom, and people are fully aware of this in Dubai."
Jackie Jones, a partner at Premier Estates, a subsidiary of Christie's International Real Estate, stated that "attractive prices and families' desire for more space have helped wealthy individuals from cities like New York and Paris relocate to Dubai's architectural icons," explaining that several other factors contribute to the emirate's increasing attractiveness, home to Emirates Airline and the tallest tower in the world.
He added that since Dubai reopened to tourism last July, after months of lockdown, the emirate has strengthened its position as a safe holiday destination in the world, where visitors enjoy tourist attractions, entertainment areas, beaches, hotels, and resorts that offer a range of options and quality recreational services.
