Dubai: Amidst the crisis in Corona, a new trend is seen among the rich of the world. These people are busy buying a luxury house in Dubai. These people include the rich of almost every country including India. Talking about London’s Christopher Reich, he had been living here for 3 decades but fed up with the epidemic, he sold his luxury townhouse and moved to Dubai to start a new life with his family. His French businessman friends have done the same. This new hobby of the rich has raised the prices of property in Dubai.
Business is happening fiercely even during the Corona era
While lockdown and curfew are in place in many countries due to Corona, business continues in Dubai. Apart from this, the availability of vaccine is also easy here, while speaking of India, the pace of vaccination is very low here. There are 3 vaccines available in Dubai and the UAE has also allowed vaccination of those with work visas, retirement visas and long term visas to woo the rich. While a resident visa is necessary for getting vaccinated in Dubai. These are the things that are attracting the rich. So the rich are not only buying luxury villas and penthouses to live here, but are also investing in a big way. Many property traders have invested millions of rupees here and bought houses at affordable rates, which they will later sell at increased prices.
230% increase in property business
Sales of upscale properties of Dubai were slow till some time ago, it has increased tremendously in no time. In the first quarter of 2021, there has been a 230% increase in property business compared to the same period last year. According to Property Finder, the country’s largest real-estate website, prices have gone up by 40% in some very posh areas. According to real estate consultancy Property Monitor, last month sold 90 properties worth 10 million dirhams ($ 2.7 million) in a record-breaking manner. Whereas in the entire 2020, only 54 properties of this price were sold.
“A lot of people are coming here and buying property for several million dollars,” says Matthew Cook, partner at Knight Frank, a consultancy that manages the sale of the penthouse on the Palm Jumeirah, an artificial archipelago in Dubai. Since these houses are being bought in cash, bargaining is also happening fiercely to reduce the prices.
Prices have been declining for 7 years
However, property prices in Dubai have been declining for the last 7 years due to inadequate construction. This is the reason that in 2013, Burj Khalifa, the world’s tallest building, where the average price for buying a house was $ 1,300 per square foot, reached $ 400 this month.