'Dubai's luxury real estate market grows as global economy slows.'

When Indian billionaire Mukesh Ambani bought an $80 million palace in Dubai for his youngest son in March this year, it set a new record for the city's real estate market. However, that record didn't last long. After 13 weeks, the 8-bedroom, 18-bathroom villa on the Palm Jumeirah artificial island was sold to an unknown buyer for Dh302.5 million ($82.4 million).

The steady rise in Dubai real estate prices over the past year means few people believe this record will last. Companies''Real estate brokers and developers talk of fast transactions, of which more than 70% are paid in cash, and diverse buyers ranging from wealthy Russians seeking a safe haven for their money after the invasion of Ukraine to startup founders and investors from neighboring Gulf countries who have cash on hand after oil prices rose.

Luxury real estate prices in Dubai have risen 70.3% over the past 12 months, making it the city with the highest price growth in Knight Frank's global ranking, which focuses on the most sought-after and expensive homes in any city, and is typically the top 5% of properties by market value. This figure in Dubai was significantly higher than London (2.5%), Paris (8.9%) and''New York (7.3%), where transactions have held back real estate prices due to rising interest rates and an economic slowdown linked to the energy crisis.

The real estate market in Dubai collapsed a few years ago, but now the city, part of the United Arab Emirates, is riding the strongest wave of prosperity in the world's luxury housing market. Some analysts believe this situation may continue as Dubai continues to attract real estate investment from various countries, as well as thanks to low taxes and the ability to pay for real estate with cryptocurrency.