Wealth in Dubai grows by Dh143 billion to nearly Dh2 trillion

Dubai residents became richer by $39 billion (Dh143 billion) during the past year, reaching approximately Dh2 trillion at the end of June 2021.

According to the New World Wealth report released on Wednesday total wealth held in the city amounted to $530 billion (Dh1.94 trillion) at the end of June 2021 as compared to $491 billion (Dh1.8 trillion) at the end of the same period last year.

Thanks to its successful handling of the Covid-19, the city’s attraction has balloon substantially since the outbreak of the pandemic.

Real estate industry executives have revealed to Khaleej Times that a large number of ultra-high net worth individuals have been scouring the market for the past one year to mop up high-end properties which were selling at an attractive rate following the drop in prices for the past seven years. As a result, many millionaires have moved to Dubai from the other cities which were badly hit by the pandemic.

The latest data from Property Finder showed that Dubai recorded in June the highest real estate sales transaction volume since December 2013 with 6,388 deals worth Dh14.79 billion, taking the January to June total deal value to Dh61.97 billion. In total, the property market recorded a 40 per cent jump in sales transactions during the first half of 2021, reaching Dh61.97 billion.

— waheedabbas@khaleejtimes.com