United Arab Emirates: the real estate sector is recovering after the health crisis
A view of the city of Dubai with the Burj Khalifa tower in the center (illustrative image).
GIUSEPPE CACACE AFP
Text by: RFI Follow
2 min
In Dubai, house prices rose 2.5% in April.
This is the largest increase over a month recorded since March 2014. The emirate was indeed mired in a crisis in its real estate sector but thanks to the health crisis in the world, many privileged foreigners have settled in the emirate thus causing a boom in demand.
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With our correspondent in Dubai,
Nicolas Keraudren
In Dubai, the real estate market is picking up colors.
In six months, prices have indeed jumped by around 10% according to figures from the data platform Property Monitor.
It is luxury real estate that has mainly boosted this increase as dozens of villas valued at several million dollars have been sold to wealthy buyers in recent months.
The increase in demand in this key sector for the emirate's economy coincides with the reopening of its borders.
After strict confinement last spring, the city-state has been welcoming tourists again since July 2020. It has become the preferred destination for foreign nationals who want to flee the strict confinements in their country of origin.
Some do not hesitate to settle there.
To encourage them, the Dubai authorities have adopted numerous measures in parallel.
Retirement and telework visas are now offered.
To qualify, however, it is necessary to meet strict conditions, in particular salary.
This boom in the real estate sector in Dubai is in any case a sign of economic recovery, experts say.
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United Arab Emirates
Economy
Coronavirus