Even with the remarkable gains, the market is still off its highs of 2014, and the apartment market is trailing far behind AFP/Giuseppe CACACEDUBAI: 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.
Despite a surge in coronavirus cases in the new year after holiday-makers descended en masse, life has continued largely as normal with restaurants and hotels open, and few of the restrictions that have blighted life elsewhere. After years of torpor when homeowners watched their equity drain away, the surge in luxury properties above 10 million dirhams has been striking, with 90 transactions in April compared to around 350 to 400 on a regular yearly basis, according to Property Monitor.
After it languished on the market during the gloomy days at the height of the pandemic, the developers are hoping that one of the new breed of cashed-up Europeans will be tempted by the infinity pool, private cinema, and acres of marble and glass. Sales of properties above 10 million dirhams rose 6.7 per cent in April compared to the previous month, and 81 villas were sold on the Palm in April alone compared to 54 in all of 2020, according to Property Monitor.
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