“Prime values are being fuelled by Dubai’s safe-haven status, an exceptionally diverse range of international ultra-high-net-worth people in search of luxury second homes, combined of course with the government’s … response to the pandemic, which has spurred business confidence,” Knight Frank said in a report on Monday.
Adding to the city’s appeal is its relative “affordability”, with prime homes selling for around $800 per square foot, “making Dubai one of the most ‘affordable’ luxury residential markets in the world,” it said.
A limited supply of new property is also expected to support the growth of the luxury property market in the emirate.
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