Arab News, Monday, May 3, 2021 | Ramadan 21, 1442
Vaccination drive boosts Dubai luxury home sales
Emirates:
Dubai’s high-end real estate property sales almost doubled in March to 84 units
sold – worth around 1.7 billion dirhams ($462.8 million) – compared to the
previous month.
Regulatory changes in the UAE, as well as an aggressive vaccination drive have
attracted rich home buyers – mainly from Europe – to purchase properties in
Dubai and take advantage of the city’s well-coordinated response against
COVID-19, say brokers.
Top-end residential properties priced at 10 million dirhams or more made up 2.5
percent of all homes sold in Dubai in March, according to real estate
intelligence Property Monitor.
“Foreign investor investment is coming back in, particularly over the past
couple of months, as a result of the successful vaccine roll-outs, and the
safety and security measures,” Dana Salbak, regional head of research at Jones
Lang LaSalle (JLL), told Bloomberg TV on Sunday.
Salbak also noted a shift in homebuyer behavior because of the pandemic with
villas in especially high demand as buyers sought space after a year of travel
restrictions and lockdowns.
Despite the renewed buying interest, a pronounced supply-demand imbalance
remains, she said.
Salbak said the UAE could sustain foreign investment interest momentum by
creating jobs in sectors other than hospitality and retail sectors.