Dubai luxury home market soars as world’s rich flee covid

News Network
May 6, 2021

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After nearly three decades in London, Christophe Reech was fed up with the city's pandemic lockdowns. This spring, he sold his luxury townhouse and jetted off to the desert sheikhdom of Dubai to start a new life with his family.

There was no turning back, he said. The French business magnate's super wealthy foreign friends were doing the same, driving an unprecedented surge in sales of Dubai's most-exclusive properties.

“Here in Dubai, there's only one strategy: Business as usual,” said Reech, the chairman of an eponymous group that owns real estate and financial technology companies. The philosophy is simple: “Let's make sure everyone's vaccinated and keep everything open."

“Of course that attracts people like me," he said.

As vaccines roll out unevenly worldwide and waves of infections force countries to extend restrictions, foreign buyers flush with cash 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.

They're snapping up record numbers of luxury villas and penthouses, sending prices rocketing in this boom-and-bust market.

Sales of Dubai's upscale properties, once slow, soared 230 per cent in the first quarter of 2021, compared to the same period last year.

Prices in some top-end areas rose as much as 40 per cent, according to Property Finder, the country's largest real-estate website.

A record-breaking 90 properties worth 10 million dirhams each (USD 2.7 million) changed hands last month, on top of 84 in March, surpassing heights hit eight years ago, according to real estate consultancy Property Monitor. For comparison, there were 54 such transactions in all of 2020.

"Tons of people are coming in and buying multimillion dollar properties on the spot, with no due diligence time whatsoever,” said Matthew Cooke, a partner at consultancy Knight Frank, who manages penthouse sales on Dubai's Palm Jumeirah artificial archipelago.

As with previous cycles, cash buyers started snatching up homes at bargain prices and flipping them for profits. Analysts say that will continue until prices rise too high and returns diminish.

How long the craze lasts and what awaits the skyscraper-studded city then remains unclear. Home prices are still falling in the middle tiers of the city's saturated property market, which has seen values drop sharply since peaks reached seven years ago due to overbuilding.

Average residence sale prices in the Burj Khalifa, the world's tallest building, collapsed to USD 400 per square foot this month from USD 1,300 in 2013.

“The market is going through a boom time ... but people are very aware that Dubai can run too quickly and it all falls apart," said Jackie Johns, partner at Premier Estates, an affiliate of Christie's International Real Estate, referring to the debt-driven crisis that brought the city to its knees in 2008.

The hot streak in the luxury market isn't unique to Dubai, as ultra-low interest rates and families' desire for more space has seen the wealthy in cities like New York and Paris decamp to suburban mansions. But there are other factors at play in the glitzy emirate, home to the long-haul carrier Emirates and tallest tower on Earth.

Since first reopening to tourists last summer, Dubai has pitched itself as the world's pandemic-friendly vacation spot.

With no mandatory dayslong quarantines, foreign visitors now party in Dubai's bustling bars and on its beaches, their selfies at hotel-resorts and helicopter pads stirring resentment back home.

The tourist influx helped drive the country's dramatic surge in coronavirus cases in January, prompting the UK to suspend flights.

But the United Arab Emirates, with its young population and low mortality rates, has fared relatively well during the pandemic.

The country of over 9 million, which relied heavily on the Chinese state-backed Sinopharm vaccine for its inoculation campaign, has administered 10.6 million vaccine doses.

A global financial center known as an oasis in the volatile Middle East, Dubai long has benefitted from capital flight. Homeowners on the Palm Jumeirah — which saw 43 per cent of all April transactions — include Afghan warlords and the political elite from countries like Nigeria, Syria and Lebanon, all searching for a safe place to park their savings.

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Grace
 - 
Tuesday, 18 May 2021

The fewest elders, the lowest dead toll. As simple as that.

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Agencies
April 24,2025

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Karnataka Chief Minister Siddaramaiah on Thursday visited the residence of 35-year-old Bharat Bhushan, in Mathikere, Bengaluru, who was shot dead in front of his family by terrorists in Pahalgam and paid his final respects.

Offering condolences on behalf of all Kannadigas to Bharat Bhushan, the Chief Minister said it is extremely unfortunate that a young, well-educated man like him became a victim of a terror strike.

He strongly condemned the attack as a barbaric and inhuman act.

To facilitate the safe return of Kannada-speaking individuals stranded in Kashmir and to bring back the mortal remains of the deceased, Labour Minister Santosh Lad and a team of officials were immediately dispatched. So far, 175 Kannadigas have been safely brought back to the state.

“It is the government’s duty to protect Kannadigas in difficult times,” the CM stated.

The Karnataka government has announced a compensation of Rs 10 lakh each to the families of the Kannadigas who lost their lives in the recent terror attack in Pahalgam, Kashmir, he added.

“It is the government’s responsibility to completely eradicate terrorism. Our government extends full support to the Centre in eliminating terrorist activities in the country,” CM Siddaramaiah said.

“Killing innocent people in broad daylight and in front of their families is a heinous crime. Similar to the past Pulwama and Balakot incidents, this is a recurrence. Intelligence failure at the Central level may have contributed to this incident as well,” he observed.

The Chief Minister has directed officials to make necessary arrangements for conducting the final rites of Manjunath Rao and Bharat Bhushan with police honours.

The victims from Karnataka include Bharat Bhushan, Manjunath Rao, and Madhusudan (who had settled in Bengaluru, hailing from Andhra Pradesh). Minister for Transport Ramalinga Reddy has met Bharat Bhushan’s family in Bengaluru, while Minister for Education Madhu Bangarappa met Manjunath Rao’s family in Shivamogga and assured them of support. 

Regarding the terror attack in Kashmir, the Chief Minister said the Central government has already initiated certain measures, and the state government will extend complete support for further steps aimed at eliminating terrorism.

Bharat Bhushan had gone on a Kashmir trip with his wife, Dr Sujata, a paediatrician, and toddler son.

The family stated that the gang of terrorists approached him and asked his name. When Bharat told them his name without any fear. The terrorists then asked him to hand over his son to his wife, Sujata. Later, they had asked him whether he was a Hindu or a Muslim. When Bharat said he was a Hindu, he was shot dead.

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News Network
April 26,2025

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Srinagar: The Prime Minister Narendra Modi-led union government’s explanation for the lack of security at the site of Tuesday’s deadly terrorist attack in Pahalgam has triggered widespread skepticism, with local officials and tourism stakeholders offering accounts that sharply contradict the government’s claims.

At an all-party meeting in New Delhi on Thursday, the Central government reportedly informed lawmakers that Baisaran meadow — where 26 civilians were killed — was not officially open to tourists until June. The absence of police and paramilitary presence, they argued, was due to this status.

However, investigations on the ground reveal a very different reality.

Baisaran meadow — popularly known as "Mini Switzerland" — remains accessible to tourists for most of the year. According to local tour operators, pony ride associations, and tourism officials, the area typically stays open except during peak winter months when snowfall blocks access.

"Tourists have been visiting Baisaran daily this season. No police clearance or special permission has ever been required," said Sheikh Mohammad Sultan, senior tour operator and President of the Indian Association of Travel & Tourism Experts (Kashmir chapter). "Nearly 70 percent of visitors to Pahalgam make it a point to visit Baisaran."

Further evidence lies in the operational signboard installed by the Pahalgam Development Authority at the meadow's entrance, listing an entry fee of ₹35 per person. Officials confirmed that this fee collection is outsourced annually through auction — a clear indication that the site was officially functioning and welcoming tourists at the time of the attack.

"Infrastructure projects have been developed for Baisaran tourism, and more are in the pipeline. Visiting Baisaran has never required security clearance or police authorization," a tourism official said on condition of anonymity.

The lack of security now stands under intense scrutiny.

The dirt track connecting Pahalgam town to Baisaran was reportedly unguarded, with only four unarmed personnel from an auxiliary wing of the Jammu and Kashmir Police stationed there. The nearest Central Reserve Police Force (CRPF) camp was nearly five kilometers away — a critical gap that likely delayed the emergency response.

According to official sources, the first CRPF responder reached the attack site almost an hour later, with reinforcements arriving more than ninety minutes after the assault had ended.

Locals like Waheed Ahmad, president of the Pony Operators’ Association in Pahalgam, expressed concern over the lack of vigilance despite Baisaran’s heavy tourist footfall.

"We have been taking tourists to Baisaran for decades without ever needing police permission. But given today’s environment, one would expect much better security," Ahmad said.

Eyewitness videos and photographs from just days before the attack show tourists visiting Baisaran in significant numbers, enjoying pony rides and the vibrant spring bloom — further undermining the Centre’s assertion that the area was "closed" to visitors.

The glaring contradictions have fuelled growing suspicions that authorities failed to adequately assess the threat level, despite intelligence warnings about potential attacks targeting Kashmir’s fragile tourist season.

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coastaldigest.com news network
April 18,2025

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Mangaluru: On a scorching summer Friday, April 18, the usually quiet locality of Adyar Kannur in Mangaluru transformed into a powerful symbol of resistance and unity. A massive public protest, led by the Karnataka State Ulema Coordination Committee, witnessed an overwhelming turnout of nearly 3,000 people voicing their dissent against the Central Government’s recent amendments to the Waqf Act. 

The protest wasn’t just an outcry—it was a declaration of solidarity, discipline, and deep-rooted concern over the perceived infringement of religious and institutional autonomy.

Organized under the leadership and guidance of the Khazis from Dakshina Kannada and Udupi, the protest drew people from all corners of the region including Udupi, Dakshina Kannada, Chikkamagaluru, and Kodagu districts. The protest venue, Sha Garden in Adyar Kannur, turned into a sea of people as participants gathered from various towns and villages despite the scorching afternoon sun.

From 2 PM onwards, people began arriving in large numbers. The influx of participants led to significant traffic congestion on the adjoining highways, compelling authorities to reroute vehicles to maintain order. Inside the city and surrounding areas, many shops remained closed, partly due to the event and partly as it coincided with the sacred Jumma prayers.

Security was handled with tight coordination—police personnel were stationed at all major junctions, crossings, and strategic points. Alongside them, volunteer marshals maintained decorum at the protest site, managing the crowd efficiently and ensuring cleanliness by removing empty water bottles and litter.

Chants of “Azaadi” (freedom) echoed through the grounds as protesters raised their voices in peaceful opposition to the Waqf Amendment Bill. Despite the emotionally charged atmosphere, the protest remained peaceful. The organizers consistently appealed to the crowd via loudspeakers to maintain harmony and avoid any provocative slogans.

Drone surveillance and videographers were deployed for complete documentation of the event, enhancing both the security and transparency of the protest. However, the sheer number of participants caused temporary network disruptions, affecting mobile communication in the area.

Adding a patriotic touch, several protestors were seen waving the Indian national flag, reinforcing that the movement was deeply rooted in constitutional values and democratic expression.

Among the dignitaries present were UK Abdul Azeez Darami Chokkabettu, Dr. M S M Zaini Kamil, Abdul Khader Darami Kukkila, Kasim Darami Kinya, Aboobakkar Siddique Montugoli, Mehboob Sakafi Kinya, and Ashraf Kinara. Their presence underlined the seriousness of the gathering and provided moral and spiritual guidance to the demonstrators.

The peaceful protest stood as a clear, disciplined, and democratic expression of the Muslim community’s concern, sending a strong message to the authorities: religious rights and institutional independence are not to be tampered with.

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