Dubai is one of the few places in the world where tycoons can go to eat, shop and do business; no mandatory quarantine
After nearly thirty years in London, Christophe Reech was fed up with the isolation of the city to combat Pandemic.This spring, he sold the mansion in the city and moved to the desert kingdom Dubai Start a new life with your family.
He said that there is no turning back. The very wealthy foreign friends of the French rich are doing the same thing, thus promoting the unprecedented prosperity of the French market. Exclusive property In Dubai.
Due to the uneven distribution of vaccines around the world and the wave of infections forcing other countries to expand their restrictions, foreign buyers with the entire product portfolio have flooded Dubai’s high-end real estate market. This is one of the few places in the world where you can dine, shop and do business in person.
They purchased a record number of luxury villas and penthouses, thereby pushing up prices in the rising market.
Sales Luxury properties in Dubai Compared with the same period last year, there was an increase of 230% in the first quarter of 2021. According to data from Property Finder, the largest real estate website in the United States, prices in some high-end areas have risen by 40%.
Not only in Dubai, the demand for luxury housing has not increased because Dubai Very low interest rate Interest in more space makes cities like this rich New York and Paris They moved to a mansion in the suburbs. But there are other factors at play.
Since opening to tourists last summer, Dubai has always been a holiday destination without any tourist attractionsPandemic stenosis.No mandatory quarantine, foreigners can relaxBar and city beach, And their photos in the hotel building and heliport aroused dissatisfaction in their country of origin.
The arrival of tourists caused a sharp increase in the number of coronavirus cases in January, prompting the UK to suspend flights with Saudi Arabia.but United Arab Emirates, The country has a young population, low mortality rate, and relatively few victims in the pandemic.
9 million people choose vaccines Sinopharm Holdings Supported by Chinese government In order to carry out the vaccination campaign, the organization has injected 10.6 million doses.
Dubai is recognized as a financial center oasis In the turbulent Middle East, it has long profited from capital flight. In the Palm Jumeirah residential area-43% of transactions occurred in April-there are owners such as Afghan warlords or members of the political elite from countries such as Nigeria, Syria and Lebanon, who are looking for a safe place to save themselves Houses. Savings.
Now, in this man-made archipelago and other exclusive development projects in Dubai, a large proportion of buyers come from Europe, India, China and RussiaSeek a better quality of life during the pandemic.A Swiss family bought a beach house in March 30.2 million USD, Is the second most expensive residential sales on Palm.
Vaccination facilities support this demand.Although there are doubts about the effectiveness of Sinpharm’s drugs, Dubai offers other options, such as those from Pfizer-BioNtech and Oxford-AstraZeneca. What you need is a resident visa, which the city has granted to investors and high-end homeowners.
New initiatives have been introduced to attract wealthy foreigners, such as foreigners. Type of Visa. Emirates even amended strict Islamic laws to allow unmarried couples to coexist and allow non-citizens to live in compliance with foreign divorce and inheritance laws.
Robert Miguelnik, a resident scholar at the Institute of Arab Gulf States in Washington, said that Dubai’s vision of high-end living after the pandemic has attracted foreign investors seeking to “play a beneficial role in economic recovery.”
Analysts say that even if the sharp rise in the market ends in a serious crisis, the rich are unlikely to bear most of the blow. At the very least, this pandemic shows that the world’s richest people grow up during times of crisis.