June 22, 2021
Real Estate

Lockdown dodgers fuel real estate boom in Dubai

Dubai’s real estate market is witnessing an economic recovery after a six-year downturn as wealthy international investors and rich people looking to avoid lockdown rules fuel a property boom in the Emirati city.

Luxury villas are the hottest segment in the market, with European buyers, in particular, seeking homes on Dubai’s signature Palm Jumeirah human-made island, as well as golf course estates.

Dubai’s rollercoaster property market, which had been in steady decline since 2014, went into flatline after COVID-19 hit last year and the emirate slammed shut its borders, said Zhann Zochinke, chief operating officer of consultancy Property Monitor.

“Then straight after that lockdown period we started to see transaction volumes increase, and they really haven’t stopped since,” he told Agence France-Presse (AFP).

“We’re now seeing record month-on-month gains and…

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