As soon as Israel and the United Arab Emirates normalized diplomatic relations last year, Miri Vasilevsky-Pinto saw an opportunity.
Judging that Israelis would start seeking bargains in the UAE’s struggling property market, the Tel Aviv-based businesswoman began setting up a company that would cater to exactly that customer base. Less than three months later, Vasilevsky-Pinto, who has lived in Israel and Qatar, has notched up several sales.
“The market right now in Dubai is extraordinary” because of its low prices and favorable payment terms, she said in an interview. Her next project, she said, is to start offering tours to the emirate for would-be investors.
Vasilevsky-Pinto’s story offers a thread of comfort for a UAE property market in need of deliverance as a surplus of newbuilds and the coronavirus-triggered exodus of thousands of expatriates keep prices near the lowest since late 2012. The arrival of Israelis in a country that boasts one of the Arab world’s most iconic cities may also give the UAE a fresh edge versus its Gulf competitors, albeit one that remains contentious in a region where most nations don’t recognize the Jewish-majority state.
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