Dubai’s prime real estate prices are up 89 percent.
Popular neighborhoods like Palm Jumeirah, Jumeirah Bay and Emirates Hills those figures have increased more than 100 percent as wealthy buyers have lined up to secure property across the city’s new hotel developments.
This activity comes on the heels of a hot 2021 for the city, which saw $35 billion in property transactions.
Prime residential values in Dubai continue to strengthen, growing by 29 percent in the third quarter alone, fueled by a persistent deluge of ultra-high net worth individuals who are zeroing in on Dubai’s premier districts in search of second homes.
While many of the new buyers come from countries like Switzerland, Germany, and France—wealthy Russians have been flocking to Dubai to park their assets. Unlike many Western nations that have sanctioned Russians for their country’s invasion of Ukraine, the UAE hasn’t imposed such measures. Dubai was already a destination for Russians, but now it’s one of the few safe havens to prevent seizure of assets, so much so that the country has become a yacht sanctuary for oligarchs.