Dubai sees more luxury buildings launched as city awaits the World’s Fair
2020 has been a disappointing year for Dubai’s luxury residential market as the Covid-19 pandemic has caused the city’s long-awaited World Expo to be postponed and dampened supply and demand.
The wait is now almost over and the market, amid a surprising rebound in home sales, is already enthusiastic about what the mega event could bring to the city. In the second quarter of 2021, the total transaction volume for the prime housing market in Dubai more than tripled year over year to reach AED 16.7 billion ($ 4.5 billion), compared to AED5 billion in the same period last year, according to a recent report by brokerage Luxhabitat Sotheby’s International Realty, based on data from the Dubai Land Department.
The pandemic and the postponement of the exhibition to 2020 had led some high-end developers to temporarily suspend new projects, as foreign buyers, who made up a significant percentage of luxury homes in Dubai, were unable to afford it. travel to the city from their country of origin due to blockages.
Dubai’s high vaccination rate and effective Covid-19 prevention policies, however, are key to attracting international buyers to the city, industry experts have said.
“Throughout the pandemic, the [United Arab Emirates] has proven to be a haven for countries around the world, ”said Jason Hayes, founder and CEO of Dubai-based brokerage firm LuxuryProperty.
Now, with the Dubai Expo rescheduled from October 1, 2021 to March 31, 2022, the city expects more foreign investment to flow in and possibly the return of international buyers.
“The post-Covid resilience of the UAE economy is attracting immense wealth from around the world and in particular from Europe, England and the Americas,” said Chris Whitehead, Managing Partner of Luxhabitat Sotheby’s International Realty.
Below are four luxury properties new to the market this fall.