The real-estate market is off to a great start.
In the first two months of the year, the city recorded the highest number of transactions it has ever recorded.
The total value of residential transactions in the city hit $35 billion last year, the highest since the financial crisis, according to a report.
Insider spoke to three real-estate agents in the Middle East to get an inside look at the market.
Demand for off-plan properties that have yet to be constructed has been robust, according to Thomas Fawcett, the co-owner of The Property. The projects are selling out in a day.
The Emaar Beachfront, which has a private beach, and Peninsula by Select Group, which is by the Dubai Canal, are both examples of high demand for luxury housing.
Despite being put on a gray list by The Financial Action Task Force, the property market remains popular with investors.
The massive opportunity for investors is finding a good off-plan project and looking ahead two to three, four years time, looking at where the market trajectory is going be, and hopefully making the capital appreciation on these purchases that they are making today.
With working from home being the norm, Fawcett has said he is seeing increased interest in larger residences. According to a Knight Frank report, the values of villas have risen 22% since the beginning of the Pandemic.
The war in Ukraine has increased Russian demand for luxury real-estate.
With the uncertainty of Russia, it has increased, he said.
The West has levied sanctions against Russia. While it remains one of the few places in the world where Russian money is accepted, the difficulty now lies in completing the transaction as the ruble and sanctions kick in.
They want to buy, but they can't deliver the payment.
The demand for Ukrainians to flee the war in Russia has increased, according to the partner of Driven Properties. She said that these people were already considering buying property before the invasion started.
They have been thinking about it for a long time. Otmani, who deals with properties that are over 5 million euros, said that it accelerated what they were already about to purchase.
The policy of visa-free entry for Ukrainians into the country was scrapped by the UAE earlier this month, CNBC reported.
One of the first cities to reopen internationally after the Pandemic was in July 2020. Otmani told Insider that the demographic of the city's luxury real-estate investors shifted as confidence in the government soared.
Most of her clients were from Gulf countries like Saudi Arabia and Kuwait. Otmani noticed an increase in demand from clients in Europe and other parts of Asia, including people who had never previously shown interest in the city.
The process of buying real estate has gone virtual across the globe. This includes not just payments or the signing of contracts, but also livestreams of house viewings as well.
The founder and CEO of Plan B Advisory said that a lot of his clients are not actually here. He has been working in real estate.
There has been a big shift in the way in which clients buy remotely, especially for off-plan projects. Sometimes there is a show apartment, but mostly it is sold on concept and paper.
Dania told Insider that deals can be closed after a call, a tour of the show apartment, and little else. The Six Senses Residences by Select Group and One Palm by Omniyat are both located on the Palm Jumeirah.
The client is based in Los Angeles, which is far away. We did everything remotely. Dania said that she sent them all the information for the Six Senses Residences and they really liked it.
He said it was about $6 million.
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