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Global Rich Are Buying Dubai Luxury Homes And Dubai Luxury Villas Post LockDown in A Big Way
- 2nd Jun 2021
Luxury real estate in Dubai and Villa sales in Dubai are peaking in a big way.
When luxury properties in Dubai start moving they really start moving. It is an indication of really great things to come. The Dubai property market is literally coming out of half a decade of slumber and the wealthy luxury real estate buyers from nations which are in the midst of lockdowns are heavily responsible for the same.
The lockdown has had varied effects on various countries and due to various proactive steps from the UAE government, Dubai has been performing relatively well in the recent times. Thousands of international clients with really good budgets are investing in Dubai luxury homes since there is nothing much to do back in their own countries. These rich property investors are really pumping in a lot of investments in Dubai properties and creating a gigantic momentum for the Dubai real estate market in the bargain.
Luxury Villas in Dubai selling like hot cakes
Dubai Luxury villas have always been popular among luxury seeking property investors globally. Currently the Villas for sale in Dubai are selling like hot cakes with property buyers from Europe, America, Asia picking up luxurious villas in Palm Jumeirah Dubai, and also on the lush golf course estates in Dubai.
Dubai's dynamic property market has been going down steadily since 2014 and after the 2020 Covid pandemic; real estate in Dubai went extremely cold as UAE had to close its borders to visitors. With its core USP being throttled, Dubai real estate market was surely affected with no movement from international buyers.
Since then the multiple proactive steps taken by UAE government have resulted in resurgence in the real estate sales in Dubai in a large way. Almost all real estate developers in Dubai are seeing a lot of traction in their property sales volume thanks to investments pouring in from Covid affected countries.
Dubai became one of the first international locations to welcome visitors since July 2020. However this was done in conjunction with strict rules on masking and social distancing. The exhaustive and effective vaccination drive in Dubai has also been responsible in increasing the confidence of locals as well as people from other countries. In fact there are many wealthy people from across the globe that have been coming to Dubai for vaccination, holidays and also for investing in Dubai real estate.
Although there was a spike in Covid cases in December 2020 due to the increased number of visitors to Dubai, a strict vigilance and a disciplined approach by one and all in Dubai has ensured that restaurants and hotels are functioning normally and unlike in most other nations, life in Dubai is relatively normal.
Therefore a lot of people who wanted a respite from the lockdown in their countries have been arriving in huge numbers in Dubai. These are the same investors who have been buying luxury real estate in Dubai and policies like relaxed residency rules and a decision to allow full foreign ownership of firms in Dubai have played their part too.
Dubai Tourism bouncing back
Tourism is surely the lifeline of Dubai and these massive arrivals have buoyed the Dubai tourism market in a big way indeed. In fact travel and tourism companies witnessed a phenomenal jump in performance aided by the swift vaccine roll-out and other safety measures by the government.
The increase in sales of luxury properties above 10 million dirhams (USD2.7 million) has been noteworthy and with almost Ninety luxury property deals in Dubai in April 2021, the adrenaline is back in Dubai property market.
A luxury mansion on the Palm Dubai has recently sold for AED 111.25 million, the highest price achieved in years and this has definitely set the tone for great things to come.
The highest-priced property now available on the block is a vast Italian-inspired modern villa positioned at the end of one of the fronds, complete with 180 degree beach frontage, which is being offered for 100 million dirhams.
Post a very dull time on the global real estate market during the peak of the pandemic, real estate and property developers in Dubai have been encouraged by the new breed of wealthy Europeans who love the Dubai lifestyle and are more than happy to invest in Dubai luxury homes in a big way.
Many Europeans, Americans and other nationalities are now viewing Dubai from a different lens, a different perspective. They are looking at making Dubai their primary home and since they can work from Dubai and still manage their businesses in Europe or North America or Asia or anywhere across the world, buying real estate in Dubai is suddenly the most sensible thing to do.
The paradigm shift in terms of communicating, working, the zoom culture that have been inculcated into human beings due to the Covid pandemic have started benefitting Dubai luxury real estate in a very strong way indeed.
Rise of sales of expensive luxury villas in Dubai
Sales of properties above 10 million dirhams rose 6.7 percent in April 2021 compared to the previous month, and 81 villas were sold on the Palm in April 2021 alone compared to 54 in all of 2020 as per reports from the Dubai real estate market.
Robust demand for real estate in Dubai, peaking supply growth and long lead times for new real estate projects in Dubai could lead to a tight market in the immediate future.
A number of government policies over the past one year, reasonable mortgage rates, corrections in prices of luxury properties in Dubai and a change in demand patterns as a result of the pandemic have all played their key roles in the increase of sales in Dubai luxury homes. With a lot of rich and wealthy investors seeking solace in Dubai it makes sense for them to also pick up their dream luxury villa for sale in Dubai that they have always coveted.