New generation of rich spur boom in Dubai’s luxurious homes market

New generation of rich spur boom in Dubai’s luxurious homes market

The Tetris-like Atlantis The Royal luxury development is among the newer landmarks on Palm Jumeirah, the artificial island that is home to Dubai’s elite. When the first of its 231 deluxe residences was offered for sale seven years ago, a two-bedroom apartment could be bought for a mere Dh5.5mn ($1.5mn).

But demand has soared since the pandemic, with owners inundated with requests to sell homes that come complete with swimming pools and terraces offering panoramic views. This summer, one of Atlantis The Royal’s penthouses, which sprawls over three floors, sold for Dh180mn.

“2020 and 2021 have been incredible years,” said Philippe Zuber, chief executive of Kerzner International, its developer. “Dubai was one of those global destinations managing the pandemic extremely well, so it put Dubai on the map.”

Atlantis The Royal’s popularity among buyers epitomises the boom in deluxe properties in Dubai as a new generation of rich residents competes over a shrinking pool of luxurious homes.

The influx includes Europeans seeking a sun-kissed, low-tax life; financiers fleeing Asia’s coronavirus restrictions; Indians putting down roots thanks to an attractive new long-term residency programme; and Russians flocking to one of the few havens open to them since the war in Ukraine.

Prices are set to continue