Second Homes in Dubai : A Magnet for Wealthy Indians
Dubai witnessing record Immigrants from India
Second Homes in Dubai : Dubai has firmly established itself as the global leader in the luxury real estate market, recording an impressive $1.59 billion influx of investment in high-end properties during the third quarter, as reported by Knight Frank LLP.
In the first nine months of the year, a record-breaking 277 homes valued at $10 million or more were sold, totalling $4.91 billion in transactions. This places Dubai well ahead of other prominent cities like New York and Hong Kong, according to the real estate consultancy.
Second Homes in Dubai Viral
Dubai’s real estate sector is experiencing a significant boom, attributed to the government’s effective handling of the pandemic and its progressive visa policies that have attracted an increasing number of foreign buyers.
The luxury segment of the market, which includes opulent waterfront villas on the city’s iconic palm-shaped islands, is particularly benefiting from a surge in investment from affluent individuals, including Russians looking to safeguard their assets, cryptocurrency millionaires, and affluent Indians in search of second homes.
According to the report, Palm Jumeirah stands out as the preferred location for affluent purchasers, representing slightly more than 50% of luxury property sales. Additionally, neighbourhoods like Emirates Hills and Jumeirah Bay Island garnered considerable attention from buyers. The report also highlights that home prices in these three districts have surged by 16% compared to the prices from a year ago.
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