Bloomberg: Dubai's luxury real estate market is booming

Bloomberg agency reported, quoting real estate brokers and developers in Dubai, that the real estate market in the emirate is booming with great demand from a variety of investors and foreign buyers, as well as Arabs, for luxury properties in the emirate.

Noting that the main index of real estate prices in the emirate rose by 70.3% during the past 12 months, making it the largest gainer in the index of the most sought-after luxury homes in the world.

She pointed out that the figures for this indicator in Dubai far exceed other cities around the world such as London 2.5%, Paris 8.9% and New York 7.3%, as high interest rates and economic slowdown hindered real estate deals in these cities.

The agency pointed to the purchase of the Indian billionaire, Mukesh Ambani, a palace worth $ 80 million in Dubai, which set a new record for the real estate market in the emirate.

And another deal for one of the buyers, worth 302.5 million dirhams ($ 82.4 million), and the value of the purchase of a villa on the island of Palm Jumeirah, explaining that Dubai broke those records, again, with Ambani buying a new palace worth 163 million dollars (600 million dirhams), on Palm Island. , which reflects the continuous rise in the demand for luxury real estate in Dubai.

Bloomberg agency said that Dubai is at the heart of one of the world's largest and most prosperous luxury housing markets, pointing out that the UAE attracts the largest share of private wealth in the world.

Referring to the UAE's decision to grant long-term residencies, it has strengthened the real estate market in Dubai and made it more attractive to investors who see Dubai as a safe haven for work and life for themselves and their families.

According to HSBC Holding, Dubai managed to attract real estate investments worth $6.6 billion last August, the highest percentage in terms of volume and value in 12 years.

The International Monetary Fund expects the UAE's economy to grow by 5.1% in 2022, compared to 3.8% last year.

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