Several Dubai residents who bought property during the Covid pandemic and in its immediate aftermath are cashing in on soaring property prices in the city — with some raking in up to Dh15 million in resale of their units.
“While many buyers from 2020 to 2021 are holding onto their investments due to significant market improvements, we’re also witnessing a notable trend of property flipping, especially in central areas like DIFC and Downtown Dubai,” said Lewis Allsopp, chairman of Allsopp and Allsopp group.
Dubai property prices have increased astronomically in the last three years as thousands of expats, including high-net-worth Individuals (HNWI), have flocked to the country.
Louise Heatley, owner and managing director of Exclusive Links Real Estate Brokers, said the profit margins of resale were higher in some areas. “On the conservative side, profits have exceeded 30 to 40 per cent,” she said.
