According to Faisal Durrani, head of Middle East Research at Knight Frank, the Dubai market is recovering. The pace of recovery of the sector after the pandemic is striking: economic recovery, impressive sales, and growing demand for elite housing are driving up prices.
This is due not only to the authorities' victory over Covid-19 but also to the interest in Expo 2020. Potential investors see Dubai as an ideal place to stay during the unstable situation with the pandemic. And if not so long ago, apartments were in demand, for today people want to buy elite houses. Apartments are also a popular type of real estate, but in the luxury segment, with panoramic windows, free areas, terraces, and other elements that improve the quality of life.
Increased demand has led to an increase in the average price segment for villas. Figures vary by region, so the more popular it is, the higher the figures are. On average, the increase is 17% compared to last year. 54 houses worth more than $10,000,000 have already been sold. The last record was set in 2015, with 31 properties in 12 months. In the remaining period of the year, Dubai is well-positioned to increase record sales of luxury properties.
Palm Jumeirah, Arabian Ranches, Business Bay, and Dubai Hills lead the list of districts.