Since the COVID-19 epidemic, the base prices of Dubai’s ultra-luxury real estate have doubled. However, according to the CEO of Omniyat, the emirate’s real estate costs are still less than those of some of the world’s most well-known cities.
“Over the past three years, the base costs of Uber luxury residences have easily doubled. Dubai’s prices are still one-fifth those of London, one-third that of New York, and one-fourth that of Singapore, even though prices per square foot have more than doubled. This indicates that we still have a great deal of room to develop,” Mahdi Amjad said in a Monday interview with News-Times.
During the epidemic, ultra-luxury apartments were once listed for $5 million a unit; they are currently listed for more than $10 million.
“Dubai has everything a major capital city has, so we shouldn’t be surprised if in ten years its property prices match those of any other capital city in the world,” he stated. The local real estate market saw a significant improvement in investor and resident confidence during 2022–2023, which led to an unprecedented demand and price increase for luxury and ultra-luxury houses.
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