Dubai’s property sector is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers, The city’s Palm Jumeirah was the most popular area for wealthy buyers, accounting for just over half of luxury sales.
“Demand for luxury homes in Dubai remains resilient and supply continues to stubbornly lag demand,” said Faisal Durrani, head of Middle East research at Knight Frank. The luxury end of the market — including waterfront villas on the city’s man-made palm-shaped islands — is benefitting from an influx of wealthy investors such as Russians seeking to shield their assets, crypto millionaires and rich Indians seeking second homes.
The city’s Palm Jumeirah was the most popular area for wealthy buyers, accounting for just over half of luxury sales, according to the report.