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

DUBAI, United Arab Emirates (AP) — Foreign buyers flush with cash have flooded the high-end property market in Dubai even as vaccines roll out unevenly across the world and waves of infections force countries to extend restrictions. It’s one of the few places in the world where they can dine, shop and do business in person. The ultra-wealthy are snapping up record numbers of luxury villas and penthouses, sending prices rocketing in this boom-and-bust market. Sales soared 230% in the first quarter of 2021, compared to the same time last year. It’s unclear how long the frenzy will last but the craze reveals how Dubai’s vision for the post-pandemic high life has lured the world’s ultra-rich.