Dubai’s luxury home market is likely to thrive and maintain its high velocity in 2022, owing to increased demand and interest from the worldwide elite, as stated by zoom property insights.
According to the real estate consultant, the post-Expo picture for the emirate’s luxury housing market appears bright, with plenty of fresh options for buyers and investors. Despite the pandemic concerns, the luxury home market saw increasing activity in 2021, with a 40% increase in pricing compared to the previous year.
According to Ata Shobeiry, CEO at Zoom Property, the market, on the whole, will benefit from an influx of overseas investors as there’s an increase in demand from Ukrainian and Russian buyers, as well. Moreover, visa reforms, expatriate-friendly policies, and high profit earning potentials continue to attract investors from across the globe, making Dubai a lucrative market for real estate investment”.
During the first quarter of 2022, the most expensive apartment in Burj Khalifa Zone 4, Downtown Dubai, was sold for Dhs 73 million. It was followed by a Business Bay apartment in the Dorchester Collection Dubai. For Dhs 69 million, the ultra-luxury residence was sold.
Meanwhile, Expo 2020 Dubai comes to a close, marking an unforgettable experience for guests from all over the world, including political leaders, heads of state, members of the royal family, and global celebrities. As of March, the Middle East, North Africa, and South Asia (MENASA) region’s inaugural World Expo had received over 22.93 million visitors and approximately 31 million internet visits.
The world’s largest fair, which lasted six months and was themed ‘Connecting Minds, Creating the Future,’ also served as a platform to address key global concerns such as sustainable practices, the future of transportation and travel, innovative ideas for the holistic development of youth and communities, and much more.
Saudi Arabia has also established itself as a major contender to host Expo 2030, reiterating its ambition and readiness to host the global expo. The UAE Pavilion, which was designed to look like a falcon in flight and featured a four-story white building with hospitality spaces and exhibitions aimed at displaying the country’s culture and inspiring stories, was another significant pavilion.
