Increase in sales for high-priced properties.
The demand for these lavish housing properties like villas are seeing a huge increase in the number of its sales because of the rising international demand. Till the mid of April in the year 2024, the price of the extra luxurious houses, whose price was at 10 million dollars, has risen by around 6 percent, which is more than the last year. According to some studies done by a big company, about 105 lavish homes worth around 1.73 billion dollars were sold from January to March which is a lot because around the same period last year the sales of such types of properties were about 1.6 billion. It looks like rich people are buying properties in Dubai.
Palm Jumeirah is a very popular location in Dubai which is a man-made island that looks like a palm where a large number of luxurious properties are sold every year. One thing to see is that the sales of such lavish properties are also done with cash payments. The island accounts for more than one-third of the sales of lavish properties built by renowned developers in UAE. Other prime locations like Dubai Hills Estate and Jumeirah Bay Island are also very popular among the buyers.
After the covid period Dubai is doing very well in the property market because Dubai was already very famous for its tall buildings in the world where people visit every year to feel the sky view of the city. So, you can see that this city is very busy with the coming of a large number of people from all around the world because of which Dubai has a thriving tourism and foreign investments. This helps the property market to grow at a good percentage which is more than other popular cities in the world.