Many residents of Dubai who purchased real estate during the Covid pandemic and shortly after are benefiting from the city’s rising real estate values; some have made as much as Dh15 million from the sales of their apartments.
Lewis Allsopp, Chairman of Allsopp and Allsopp Group, stated, “We’re witnessing a notable trend of property flipping, especially in central areas like DIFC and Downtown Dubai, while many buyers from 2020–2021 are holding onto their investments due to significant market improvements.”
Property prices in Dubai have skyrocketed over the past three years due to the influx of thousands of foreign residents, many of whom are High Net Worth Individuals (HNWI).
According to Louise Heatley, owner and managing director of Exclusive Links Real Estate Brokers, certain locations have better-selling profit margins than others. “From a conservative perspective, profits have surpassed 30 to 40 percent,” the speaker stated. Mansoor Ali, a resident of Dubai, is one such individual who renovated and sold his home. In 2021, he paid Dh3 million for a home in Dubai Hills. He added lovely landscaping and a pool to the house in three years. In addition, he added an additional bedroom to the house’s first floor. He made a profit of more than fifteen percent when he sold the villa for Dh8 million earlier this year.
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