Dubai Property Boom: In March 2022, Mukesh Ambani, chairman of Reliance Industries, for his youngest son Anant Ambani, built a Dubai tree-like artificial island in Palm Jumeirah, for $ 80 million i.e. Rs 660 crore. Bought property. It was one of the most expensive deals in Dubai’s property market and held the record for 7 months. Lakshmi Niwas Mittal of global steel company ArcelorMittal has also invested in Dubai’s property market.
After Mukesh Ambani’s purchase of property in Palm Jumeirah, there is a competition for the world’s rich to buy property. Recently, a buyer has bought a property here for $ 82.2 million i.e. around Rs 700 crore. But this month the most expensive deal has happened in Dubai’s property market. According to the Land Department of Dubai, a property deal worth Rs 1,300 crore has been done in Palm Jumeirah. However, the identity of the buyer has not been disclosed.
In recent times, there has been a property boom in the real estate market of Dubai. Here 70 percent of the transaction is done in cash, so the deal gets completed soon. Real estate prices here have jumped by more than 70 percent in the last one year. It is also one of the most sought after and expensive property markets in the world.
After the start of the Russia-Ukraine war, many wealthy Russian industrialists have also started buying property in Dubai’s Palm Jumeirah. In recent times their number has increased tremendously.
Property registry in Dubai is not made public and the Land Department does not disclose the identities of the property buyers. Due to this also there is a big boom in the housing market. This is also the favorite place of Israeli investor hedge fund executives regarding crypto investors. Crisis rate in Dubai is very low. There is also less tax to be paid on buying a property in Dubai. It is taxed here only at 4 per cent as against 15 per cent in the UK.
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