Dubai’s Luxury Real Estate Market Reaches New Heights!
With the world shut down due to the COVID-19 pandemic, Dubai quickly became the go-to destination for international tourists. Many well-off families found Dubai to be a haven. The US Federal Reserve’s low-interest rates helped drive asset price inflation around the world. This, in turn, drove a lot of people to buy luxury real estate in Dubai. Economic Growth The UAE’s economic growth was driven by steady increases in oil prices, which helped the economy. Regulatory Reform Ultra-high net-worth individuals were drawn to Dubai because of its tax environment.
When the world’s economy began to slow due to the conflict in Russia and Ukraine, Dubai leveraged its reputation to rise even higher. Wealthy Russians flocked to Dubai to seek refuge from the crisis, which changed the luxury real estate market in the city. In a world where interest rates were on the rise, Dubai’s luxury space soared, rising by 44% year on year, despite a global decline of luxury home prices in the first quarter of 2023.
Dubai’s resilience has propelled it to the top of the global luxury list. At the heart of Dubai’s flourishing luxury saga lies Continental Real Estate. Not only do they offer properties, but they combine architectural excellence, state-of-the-art technology, and unparalleled customer service to create a league of their own. Their success is evidenced by their strategic approach to tapping into the city’s key districts, such as The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island, which account for 63% of the $10 million+ home sales.
Dubai is on the rise thanks to its global appeal, strong economic growth, and demand for luxury living. The influx of money and capital from different sources is set to make the market even stronger and make luxury real estate a strong asset class. Sales of luxury properties in Dubai have already reached a record high in the first six months of 2023, with over $10 million in sales and a total value of $3,1 billion. As Dubai continues to draw in high-net-worth individuals and investors from all over the world, the luxury real estate market is a shining example of wealth, status, and ambition. Continental Real Estate is helping the world watch Dubai redefine luxury and guide investors to a prosperous future.
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