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Dubai: Luxury real estate sector on the rise

Dubai: Luxury real estate sector on the rise

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In the capital of the United Arab Emirates, the real estate sector is picking up after several years of decline. Dubai, known as the city of excess, attracts many foreign and wealthy people, especially from Europe, to purchase luxury properties.

 

Significant interest in luxury villas

 

The closure of the borders brought property sales to a halt, “but just after the lockdown, we saw the volume of transactions increase. It hasn’t stopped since” , says Zhann Zochinke, executive director of Property Monitor, also a Dubai specialist. However, over the last six months, prices in this market have jumped by 10%, with a record recorded in April, with an increase that stood at 2.5%. The rise, which is the biggest one-month increase recorded since March 2014, has been caused by a boom in demand from many foreigners looking to move to the emirate, particularly interested in luxury properties and tax benefits.

 

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