Dubai Luxury Home Prices Hit Record Highs in 2022 as Wealthy Foreign Buyers Flock to Palm Jumeirah
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Dubai's luxury property market hit record highs in 2022, cementing its status as the world's busiest hub for high-end homes.
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Demand is being driven by an influx of wealthy foreign buyers, including Russians, crypto investors, and rich Indians seeking second homes.
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The Palm Jumeirah was the most popular luxury area, accounting for over half of sales. Prices there rose 16% year-over-year.
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While Dubai's property market is booming, it has a history of volatility, with a major crash in 2008. Developers now require large down payments.
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Supply of luxury properties remains low compared to demand, especially for beachfront homes, indicating the high-end market may stay strong for now.