In Dubai, the real estate market is experiencing extreme demand, pushing opulent properties to unprecedented valuations.
Even the April flooding failed to stifle the bull market. The name Emaar Properties, a state-backed company prominently displayed on Dubai’s skyline, revealed that sales of its development division reached $8.1 billion in the first half of this year, up from $5.2 billion in the same period previous year.
According to real estate consultancy ValuStrat, prices for Dubai’s upmarket villas have broken previous records across the city, rising by about 38% in the second quarter of 2024 over the same period the previous year.
For the first time in ten years, the average cost of a villa, the term used locally to refer to any freestanding house, surpassed $2.7 million. Premium apartment block rises are not far behind, with some of its locations in the artificial archipelago of Palm Jumeirah jutting into the Arabian Sea already surpassing 2014 peaks.
Head of sales at Pat & Co., a broking dealing in upscale real estate, Tariq Shah, stated that his clientele’s desire to purchase has increased dramatically. Shah told the AP, “The demand for luxury is way above expectations.
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