Dubai looks to restart mothballed luxury developments for wave of wealthy incomers

Dubai looks to restart mothballed luxury developments for wave of wealthy incomers

Dubai developers are dusting off plans for long-dormant projects as demand for luxury property surges from a wave of wealthy new arrivals to the Gulf city-state.

State and government-related real estate firms are looking to restart projects that failed in the wake of the city’s debt crunch during the global financial crisis. These include the mothballed man-made Palm Jebel Ali island and the stunted towers of Dubai Pearl, a long-delayed development at the entrance to another famous reclaimed island, Palm Jumeirah.

These developments have long acted as visible reminders of past excesses but are now reviving thanks to a wave of new entrants to the city, from Asian billionaires and cryptocurrency investors to wealthy Russianslooking to escape sanctions imposed after the invasion of Ukraine.

Dubai-based property consultants Mira Estate said sales to customers from Russia and the former Soviet states had doubled so far this year, compared to the same period in 2021.

“Billionaires and entrepreneurs have been flocking to the UAE in record numbers, leading to a surge in demand for real estate,” said Tamara Getigezheva, Mira’s chief executive. “Most homebuyers are looking for ready units and waterfront properties.”

The volume of transactions in Dubai’sresidential market soared by a third in June 2022 compared