Prices for luxury housing in Dubai jumped by 44% in 2021 due to high demand from wealthy buyers

Prices for luxury housing in Dubai increased by 44% in 2021, due to increased demand from wealthy buyers, as the emirate's real estate market continues to recover after COVID-2019, amid government initiatives and effective response to the pandemic in the country.

Record growth in prices for luxury housing helped Dubai to take first place in Knight Frank Prime International Residential Index 100, which analyzes housing prices in 100 cities and in the secondary housing markets around the world.

The UAE real estate market, which softened due to the three-year drop in oil prices that began in 2014 due to oversupply issues and the subsequent pandemic, is recovering as people move to more spacious homes with all outdoor amenities due to the popularity of remote work and online learning.

«Dubai's investments in world-class infrastructure, healthcare and education, combined with the exceptional lifestyle and amenities offered by the world's best restaurants and hotels, have helped transform Dubai into a place where people want to buy real estate», said Andrew Cummings, Partner and Head of Prime Residential at Knight Frank Middle East.