In the early 19th century, Dubai was merely a barren land filled with sand as far as one could see. This particular land was inhabited by the members of the Bani Yas Tribe, who were just shy of a thousand people. Towards the late 20th century, Dubai had begun to see a significant rise in its revenues primarily generated from trade and oil export.
The city channeled vast funds towards investment in superior infrastructure and real estate like hospitals, educational institutions, and commercial, residential complexes in the following years. Since then, the city of Dubai has never looked back. Now it has transformed into one of the most developed cities on the face of the planet.
Dubai has also become a significant player in the real estate business in the Middle East, attracting people worldwide.
When the cold grip of Covid19 brought the economies of the world to their knees, no one expected that it would pave the way to the resurgence of Dubai’s residential property market.
Following a single six-week lockdown, Dubai became the world’s leading metropolis to reopen its gates in December 2020, sending a powerful statement and an invitation to investors and foreign visitors. And here’s the result; with the assistance of the Government and their effective handling of the pandemic restrictions, Dubai saw a colossal influx of tourists and UHNIs (Ultra High Networth Individuals) from Europe, India, Russia, and Monaco.
2021 showcased exceptional sales where it transacted more than 52,000 apartments, and villas generating AED 114.2 billion ($31 Bn) in Dubai’s residential sector, surpassing the figures for 2019 and 2020.
Based on the research by Knight Frank, a well-known real estate consultation agency reported that the prices of ultra-luxury homes rose by 44% in posh areas like Emirates Hills, Jumeirah Bay area, and Palm Jumeirah. For instance, the cost of villas in the Palm Jumeirah, aka the Palm Island, doubled more than its original value since the beginning of the pandemic, marking it at a record high price of $32.9 Million.