In the first quarter of 2022, Downtown Dubai’s Burj Khalifa Zone 4 witnessed the sale of the city’s most opulent apartment for Dh73 million. Similarly, Business Bay’s Dorchester Collection Dubai featured another luxurious apartment that sold for Dh69 million.

Dubai’s Most Luxurious Apartments

Amidst rising expectations of further price appreciation, owners of luxury residences in Dubai are strategically delaying their property sales to maximize profits. Prominent areas like Palm Jumeirah, Jumeirah Bay, District 1, and Dubai Hills are projected to experience an impressive 10 to 15% annual increase in pricing growth.

The sales of upscale properties in Dubai are expected to witness significant growth in 2022, driven by heightened interest from foreign investors due to favorable factors like high oil prices encouraging investments in the GCC region. Additionally, Dubai’s image as a safe haven amidst geopolitical upheaval is further strengthening the market. Notably, popular locations such as

The Palm Jumeirah, Jumeirah Bay, District 1, and Dubai Hills experienced a substantial price increase of 35.1% per square foot.

 The Palm Jumeirah, Jumeirah Bay, District 1, and Dubai Hills.    

Key Drivers of Dubai’s Real Estate Boom

1. 1. Limited availability of prestigious properties in sought-after locations.
2. 2. Attractive and affordable mortgage rates.
3. 3. Growing interest from international investors.
4. 4. Favorable visa reforms.
5. 5. Pro-foreigner policies.
6. 6. Strong potential for attractive financial returns.

The UAE government’s decisive actions to combat the pandemic and manage COVID-19 have ushered in a notable turnaround for Dubai’s real estate sector, ending a five-year period of declining prices. Despite widespread border restrictions, the government’s strategic reduction of entry requirements in July 2020 attracted a diverse array of privileged consumers and affluent individuals. As a result, Dubai has emerged as both a sought-after primary or secondary residence and a preferred vacation destination for many. The city’s real estate market has displayed remarkable resilience amidst global challenges, making Dubai an enduringly attractive investment proposition.