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According to data revealed by Zoom Property Insights, the luxury real estate market in Dubai has grown by leaps and bounds in the first quarter of 2022 thanks to strong demand from an ever-growing affluent clientele.
Despite the Covid-19 pandemic, luxury real estate has seen strong activity during 2021. Indeed, the sector saw a 40% increase in prices compared to 2020. A record 93 homes worth $10 million or more were sold in 2021, with average residential values up 9.2% and villas up 21.2%.
“The luxury property market has got off to a strong start with a significant 30% year-on-year jump in transactions to 4,083 transactions in January 2022. Average property prices per square foot also increased by 35.1% during the month” according to Zoom Property Insights, a property consultancy.
Dubai is also a market that attracts a lot of foreign investors, said Shobeiry : “The market as a whole will benefit from an influx of foreign investors as there is an increase in demand from Ukrainian and Russian buyers, too. In addition, visa reforms, expat-friendly policies and high earning potential continue to attract investors from around the world, making Dubai a lucrative market for real estate investments.”
The Palm Jumeirah, Jumeirah Bay, District 1 and Dubai Hills are the preferred and highly sought-after areas and are expected to increase in price by 10-15% annually. As a result, owners are delaying sales as they know that their properties are expected to rise further in price.
In the first quarter of 2022, the most expensive flat was sold around the Burj Khalifa for $19.8 million and the most expensive villa was sold in Palm Jumeirah for $23.6 million.
Read also > THE INCREDIBLE YEAR 2021 FOR LYON REAL ESTATE ACCORDING TO BARNES
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According to data revealed by Zoom Property Insights, the luxury real estate market in Dubai has grown by leaps and bounds in the first quarter of 2022 thanks to strong demand from an ever-growing affluent clientele.
Despite the Covid-19 pandemic, luxury real estate has seen strong activity during 2021. Indeed, the sector saw a 40% increase in prices compared to 2020. A record 93 homes worth $10 million or more were sold in 2021, with average residential values up 9.2% and villas up 21.2%.
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According to data revealed by Zoom Property Insights, the luxury real estate market in Dubai has grown by leaps and bounds in the first quarter of 2022 thanks to strong demand from an ever-growing affluent clientele.
Despite the Covid-19 pandemic, luxury real estate has seen strong activity during 2021. Indeed, the sector saw a 40% increase in prices compared to 2020. A record 93 homes worth $10 million or more were sold in 2021, with average residential values up 9.2% and villas up 21.2%.
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