Home Featured The Verdict Is In! Amid An Economic Turmoil Dubai’s Surging Real Estate Market Remains Unfazed

The Verdict Is In! Amid An Economic Turmoil Dubai’s Surging Real Estate Market Remains Unfazed

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The Verdict Is In! Amid An Economic Turmoil Dubai’s Surging Real Estate Market Remains Unfazed

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Dubai’s real estate market is on fire, with the city becoming the world’s capital for luxury housing. As the rest of the world grapples with economic uncertainty, Dubai’s property market is defying market trends and soaring to new heights. In a recent news segment hosted by the Indian journalist Palki Sharma for her show Vantage at Firstpost, viewers were taken on a tour of the world of ultra-luxe properties in Dubai.

Dubai has always been a playground for the rich and famous. With buyers willing to shell out tens to hundreds of millions of dollars, sales records are being broken month on month. The residential market has seen a growth of about 70% since last year, marking a swift recovery after a slump from 2014 to 2020.

Some key takeaways from the segment elaborating on the city’s booming real estate market are that Dubai’s branded homes are a significant contributor to the surge in the real estate market. These development projects have luxury names such as Four Seasons, Bulgari, and Cavalli and make up about 1/5 of the value of all apartment sales in the city. They sell at about 30% more than non-branded homes due to the trust and better amenities they offer.

“Home values have dropped across the world that are surging interest rates and recession fears. It has darkened people’s general outlook, but there is no stopping Dubai.”

Luxury properties in Dubai are unparalleled! With amenities such as housekeeping, valet, concierge services, private beaches, infinity pools, theaters, saunas, spas, opera pavilions and water mazes… is it any surprise that Dubai’s property market is going against the general trend?!

Farhad Azizi, Head of Azizi Developments explained that,

While home values have dropped across the world, Dubai’s real estate market is surging, with a 37% increase in sales from the first half to the second half of last year.

The surge in the market is due to two reasons. First, the rich got richer during the pandemic, and foreigners needed a safe investment to stash their money. Second, the surge in property has created a nightmare for new tenants as rents have increased by over 50% in a year.

Although the wealthy are benefitting from the surge, middle-class residents are feeling the brunt of the rental booms. But then again, the price points vary from area to area, as the city seeks to cater to all budgets.

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