Dubai’s luxury property market is closing in on New York, LA

Dubai’s luxury property market is closing in on New York, LA

Dubai is the world’s busiest luxury property market behind New York, Los Angeles and London after a deluge of wealthy investors flocked to the city when it emerged as a safe haven amid geopolitical and economic uncertainty elsewhere.

The Middle Eastern business hub racked up 219 sales of properties worth $10 million or more last year, according to property consultant Knight Frank LLP. By comparison, New York registered 244 deals worth $10 million or more, Los Angeles, 225 transactions and London, 223. Dubai was also the fifth most active city for sales worth $25 million and above with 26 transactions.

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“Dubai has arrived,” said Faisal Durrani, head of Middle East research at Knight Frank. “The growing concentration of wealth in the city has been catalyzed by the confluence of factors, ranging from the government’s decisive response to the pandemic, to the roll-out of a range of new residency visa options.”

Demand for Dubai property is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers. The luxury end of the emirate’s real-estate market — including waterfront villas on the city’s man-made palm-shaped islands