Dubai property booms as wealthy buyers escape lockdowns

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Dubai

Dubai’s property market is powering out of a six-year malaise as “lockdown dodgers” and wealthy international investors drive a buying frenzy that is breaking records and fuelling an economic recovery.

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

Dubai’s roller-coaster 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 AFP.