House prices in Dubai jump 21% as ultra-high net worth individuals flock to the city – ArabianBusiness.com

House prices in Dubai jump 21% as ultra-high net worth individuals flock to the city – ArabianBusiness.com

House prices in Dubai have jumped 21 percent this year, according to global property consultant Knight Frank.

The boost in the market is being fuelled by the country’s response to the Covid crisis, with non-resident, ultra-high net worth individuals flocking to the city to secure the most expensive property, said Faisal Durrani, partner – head of Middle East Research, Knight Frank.

He added that $10 million-plus home sales now account for 7 percent for all transactions in the emirate by value, compared to a long-term average of just 2 percent.