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“Tons of people are coming in and buying multimillion dollar properties on the spot, with no due diligence time whatsoever,” said Matthew Cooke, a partner at consultancy Knight Frank, who manages penthouse sales on Dubai’s Palm Jumeirah artificial archipelago. The hot streak in the luxury market isn’t unique to Dubai, as ultra-low interest rates and families’ desire for more space has seen the wealthy in cities like New York and Paris decamp to suburban mansions. But there are other factors at play in the glitzy emirate, home to the long-haul carrier Emirates and tallest tower on Earth.
Now, a big share of wealthy buyers on this man-made archipelago, popularly known as the Palm, and in other exclusive villa communities in Dubai come from Europe, India, China and Russia, seeking a better quality of life as the pandemic rages. In March, the Palm logged its second-highest residential sale ever when a Swiss family bought a waterfront mansion for $30.2 million. Last month, an unidentified European family bought the city’s third-most expensive home ever for $28.6 million.
Dubai’s vision for the post-pandemic high life has gained traction as foreign investors seek to “play a favorable role in the economic recovery,” said Robert Mogielnicki, a resident scholar at the Arab Gulf States Institute in Washington. DUBAI, United Arab Emirates: After nearly three decades in London, Christophe Reech was fed up with the city’s pandemic lockdowns. This spring, he sold his luxury townhouse and jetted off to the desert sheikhdom of Dubai to start a new life with his family.
“Tons of people are coming in and buying multimillion dollar properties on the spot, with no due diligence time whatsoever,” said Matthew Cooke, a partner at consultancy Knight Frank, who manages penthouse sales on Dubai’s Palm Jumeirah artificial archipelago. The hot streak in the luxury market isn’t unique to Dubai, as ultra-low interest rates and families’ desire for more space has seen the wealthy in cities like New York and Paris decamp to suburban mansions. But there are other factors at play in the glitzy emirate, home to the long-haul carrier Emirates and tallest tower on Earth.