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Market Insights: The State of Luxury Real Estate in Dubai

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From March 3-5, the art world converges in Dubai for the 16th iteration of Art Dubai, the largest art fair in the Middle East and a showcase of modern, contemporary, and digital art from across the Global South.

More than 100 galleries and 400 artists from 40 countries are participating in this year’s fair at Madinat Jumeirah, in an art market soaring like the city-state’s skyline.  

Indeed, it’s not just the art market that’s on fire. The Dubai luxury property market, which allows foreign investors, is enjoying a post-lockdown boom with more buyers than sellers—for the moment. 

“Golden Visa reforms and a tax-free* lifestyle have enticed significant new investment from places like Eastern Europe, India, the U.K., and Canada,” said Jackie Johns, managing partner of Christie’s International Real Estate Dubai. 

“This sustained demand is outstripping supply, but developers are introducing scores of luxury off-plan projects. Beachfront homes and golf villas are always in vogue, but a post-pandemic trend has been spacious, private areas.”  

The market continues to offer high rental yields, suggesting a price jump in elite apartments and villas. “Inflation should not greatly impact Dubai,” Johns said, “and so mid-tier pricing should stabilize soon.”  

Thus Christie’s International Real Estate Dubai proffers its portfolio of distinguished properties, highlighting contemporary works of architecture worthy of the connoisseur and the collector. 

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