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The luxury real estate market is seeing an unprecedented surge in sales as the world’s rich fleeing the pandemic are finding and buying new homes in Dubai.
Dubai real estate industry recorded almost AED 11 bn worth of transactions in April. According to the report 4,832 sales transactions were recorded in April 2021, the highest value in four years, specifically since March 2017.
The second wave of Covid-19 in India has impacted luxury housing in the short term as focus shifts to health and safety, with people increasingly looking for holiday homes within an accessible travel distance. Many affluent home buyers moved on to buy luxury residential properties in Dubai which is less than 4 hr flight distance away from India. The pandemic has made people realize the value of good healthcare infrastructure, ample greenery, more open area, gym, yoga and other recreational facilities within their community and a need for quality living a priority.
Since the start of the pandemic, we have seen demands for studio apartments, 1 BHK, 2 BHK apartments in Dubai increase. This is partially due to more affordable housing coming into the market, more supply of ready to move-in apartments and great payment plans. There is also a sudden increase in demand shifting towards Dubai villas and townhouses in Dubai. Affordable prices of luxury residential properties in Dubai, early possession and low interest rate on loans remain attractive for buyers who wish to seek a second home outside India.
According to market reports, the top areas of interest in terms of searches for Dubai Villas and townhouses in Dubai in April 2021 were Dubai Hills Estate, Damac Hills, Arabian Ranches, Palm Jumeirah and Mohamed bin Rashid City. As for apartments, the top areas of interest were Dubai Marina, Downtown Dubai, Palm Jumeirah, Business Bay and Jumeirah Village Circle.
One thing is quite evident that people are demanding bigger and better homes. Villas and holiday homes in global destinations that offer safety and facilities are quite sought after. We see a trend which will continue in the near future and it is the most appropriate time to secure your dream home in Dubai.
