Why are luxury properties in Dubai selling so fast?

Like other countries around the world, in Dubai, the tourist and commercial center of the United Arab Emirates, there is a lockdown in some sectors due to the Corona epidemic, but despite these closures, luxury properties are being bought and sold in Dubai.

March is estimated to be the busiest month for buying and selling expensive and luxury properties in Dubai.

According to the data collected by Property Monitor related to immovable properties, 84 property deals were executed during the last month. Whose total value has been more than one crore dirhams which is a new record in a month.

In March, the total value of the transactions in this regard reached 1.7 billion dirhams.

It seems that the affluent and the affluent, weary of the virus restrictions, are once again heading to Dubai to buy luxury and real estate.

Wealthy personalities are also starting to turn to Dubai because the emirate is relatively safe from the pressure of Covid-19 and the process of applying the corona vaccine in Dubai is also going on rapidly. This is the reason why investors and entrepreneurs are also buying properties in Dubai with more confidence.

One of the reasons for buying properties in Dubai is the drop in property prices due to the Corona epidemic.

A report by Bloomberg states that European figures are leading the way in buying properties in Dubai, looking for a new field for business.

The UAE has approved a new remote work visa for tourists that will allow employees from around the world to live and work in the UAE. Buying a property is one of the fastest ways to get a residence permit in Dubai.

Property Monitor’s chief operating officer Jean Gachanki says Dubai is seen as a relatively safe location compared to many other places.

He added that the government’s initiatives are aimed at attracting more investment and people to Dubai.

(Courtesy: Al Arabiya)