Business 112.2 – World’s Wealthy Buy Property in Dubai to Flee Pandemic

  • 投稿カテゴリー:Business
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Article
1. As vaccines roll out unevenly worldwide and new infections force countries to extend restrictions, wealthy foreign buyers have flooded Dubai’s high-end property market, one of the few places in the world where they can dine, shop and do business in person.
 
2. Sales of Dubai’s upscale properties soared 230% in the first quarter of 2021, compared to the same period last year. A record-breaking 90 properties worth over $2.7 million each were sold last month, on top of 84 in March, according to real estate consultancy Property Monitor. There were 54 such sales in all of 2020.
 
3. “Tons of people are coming in and buying multimillion dollar properties on the spot,” said Matthew Cooke, who manages penthouse sales on Dubai’s Palm Jumeirah, an artificial archipelago.
If you could buy upscale property anywhere in the world, where would you choose?
 
4. Since first reopening to tourists last summer, Dubai has pitched itself as the world’s pandemic-friendly vacation spot with no quarantine requirements.
 
5. Arriving tourists helped drive a surge in coronavirus cases in January, but the United Arab Emirates has still fared relatively well during the pandemic. The country of over 9 million has administered 10.6 million vaccine doses, relying heavily on China’s Sinopharm vaccine.
 
6. Dubai offers other vaccine options, including Pfizer-BioNtech and Oxford-Astrazeneca. To get a vaccine, all one needs is a residence visa — which the city already gives to high-end property buyers.

What are your thoughts on the high-end property boom in Dubai?

  7. New initiatives to lure wealthy foreigners include remote work visas, retirement visas and long-term “golden” visas. The UAE also has altered its strict Islamic legal code, allowing unmarried couples to live together and noncitizens to follow foreign laws for divorce and inheritance.
8. Dubai has long benefitted from capital flight. Homeowners on the Palm Jumeirah — which saw 43% of all April sales — include the political elite from countries like Nigeria, Syria and Lebanon, all searching for a safe place to park their savings. 

Has the pandemic affected property prices in Japan?

Further Discussion

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Would you like to build a home someday?

Phonetic Chart

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